Proposed Revisions to Statement of Policy Regarding Minority Depository Institutions
August 24, 2020 / Source: FDIC
Financial Institution Letter
The FDIC Board of Directors (Board) has proposed revisions to its Statement of Policy Regarding Minority Depository Institutions (MDIs). The proposed revisions will be published in the Federal Register for public comment. The proposed revisions would enhance the FDIC’s efforts to encourage and preserve MDIs and would update, strengthen, and clarify the FDIC’s policies and procedures related to the existing framework for preservation and promotion of MDIs.
Statement of Applicability to Institutions with Total Assets Under $1 Billion: This Financial Institution Letter (FIL) is applicable to all FDIC-supervised institutions.
- The proposed revisions to the Statement of Policy clarify the FDIC’s expectations for technical assistance and illustrate opportunities for engagement with various members of FDIC staff throughout the organization.
- Additional proposed updates highlight the FDIC’s outreach efforts including, but not limited to, the establishment of the MDI Subcommittee of the Advisory Committee on Community Banking and enhanced activities to promote collaboration with MDIs.
- The proposed revisions add definitions for terms used in the MDI Program, detail reporting requirements, and specify methods used to measure the effectiveness of the MDI Program activities.
- The proposed revisions detail considerations made by examination staff when evaluating performance and assigning ratings.
- Written comments must be received on or before 60 days after publication in Federal Register.
Board of Directors
Chief Executive Officer
Chief Lending Officer