The Office of the Comptroller of the Currency (OCC) today announced it is revising its 2013 policy statement for minority depository institutions (MDI) to update and streamline descriptions of its policies, procedures, and programs. The statement also describes the range of programs the OCC has in place to preserve and support MDIs.
The OCC witnessed increased interest from banks and other stakeholders in working with MDIs and the MDI designation process following the 2020 formation of Project REACh and establishment of the Emergency Capital Investment Program by Congress for COVID relief. This prompted the OCC to review its 2013 policy statement on MDIs. This revised policy statement is a result of that review.
“MDIs are on the frontlines serving low-income, minority, rural, and other underserved communities. They are a critical source of credit to support the financial needs and economic vitality of their communities,” said Acting Comptroller Michael J. Hsu. “The OCC has a long history of recognizing the value of these institutions, and we will continue our efforts to ensure they remain a bedrock of financial access and inclusion.”
- Federal Register Notice (PDF)
- The OCC Supports Minority Depository Institutions Fact Sheet (PDF)
- Acting Comptroller of the Currency Michael J. Hsu