Financial innovation can deliver “tremendous benefits” to consumers and help minority depository institutions enhance participation in the mainstream financial system, FDIC Chairman Jelena McWilliams said today.
First Independence Bank was founded 50 years ago to help rebuild Detroit’s economy in the wake of damaging urban violence. Today, in a new era of economic hardship due to the coronavirus pandemic, and protests and unrest in response to incidents of racial injustice, minority depository institutions continue to have a unique role in serving distressed communities.
Financial performance among minority depository institutions remained sound through the end of 2019, according to the FDIC’s annual report on preserving and promoting MDIs.
ABA this morning announced a strategic partnership with the National Bankers Association to promote the health and well-being of minority depository institutions.
The House Financial Services Committee today unanimously approved two ABA-supported bills intended to address the decline in minority depository institutions and create opportunities for community development financial institutions.
Ahead of a House Financial Services Committee vote today, ABA expressed support for legislation that addresses the decline in minority depository institutions and creates opportunities for community development financial institutions.
The FDIC is updating examiner instructions to help strengthen minority depository institutions, FDIC Chairman Jelena McWilliams said today in Washington.
Financial performance among minority depository institutions has significantly improved in the last five years, particularly in terms of loan performance, according to new research from the FDIC.
The OCC yesterday announced the appointment of three new members to its Minority Depository Institutions…
Swings in the economy, changes in consumer financial habits, and unrelenting competition—all financial institutions face such tests. But some, like Carver Federal Savings Bank, have their origins in challenge.