May 19, 2022

FDIC: New Process Established for Minority Depository Institution Designation Announced

On June 15, 2021, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an updated Statement of Policy Regarding Minority Depository Institutions (Policy Statement), which details the framework by which the FDIC implements the goals set forth in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The Policy Statementdescribes the FDIC’s framework and initiatives to fulfill its statutory goals with respect to MDIs. As noted in the Policy Statement, the FDIC will accept requests from entities for designation as an MDI.

This issuance establishes a process for an insured institution or applicant for deposit insurance to make a request that the FDIC recognize the institution as an MDI.

Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC–supervised financial institutions.


Minority Depository Institutions Designation Process

Related Topic:

Applications and Notices

Related Resource:

FDIC Statement of Policy regarding Minority Depository Institutions

This post was originally published here.