FDIC: Mission-Driven Bank Fund Launched
$120 million pledged to support Minority Depository Institutions and CDFIs The Federal Deposit Insurance Corporation (FDIC) today announced the launch of a new Mission-Driven Bank Fund, a capital investment vehicle being developed by the FDIC to support insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). As anchor investors, Microsoft and Truist Financial Corporation…
OCC: Virtual Minority Depository Institutions Advisory Committee Meeting Scheduled for September 21st
The Office of the Comptroller of the Currency (OCC) today announced it will host a virtual public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, September 21, 2021. The meeting is open to the public and will begin at 10:00 a.m. Eastern Daylight Time (EDT). The MDIAC advises the OCC on steps…
FDIC: Minority Depository Institutions Subcommittee to Meet Virtually July 21st
July 21st virtual meeting to address issues important to minority banks The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will hold an open meeting at 1 p.m. EDT on Wednesday, July 21, 2021. During the public portion of the meeting, subcommittee members…
FDIC: New Policy Statement on Minority Depository Institutions Approved by FDIC Board
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a final Statement of Policy to enhance the agency’s efforts to preserve and promote Minority Depository Institutions (MDIs). The FDIC’s revised policy statement reflects public comment received in response to a proposal issued in August 2020 and updates, strengthens and clarifies the…
FDIC: Minority Depository Institutions Subcommittee to Meet on April 12th
The Federal Deposit Insurance Corporation (FDIC) today announced the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will hold an open meeting at 1 p.m. EDT on Monday, April 12, 2021. During the public portion of the meeting, the MDI Subcommittee members will share insights into key challenges and opportunities…
OCC: Public Meeting of Minority Depository Institutions Advisory Committee Scheduled for April 13th Via Webinar
The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, April 13, 2021, via webinar. The meeting is open to the public and will begin at 1:00 p.m. Eastern Daylight Time (EDT). The MDIAC advises the OCC on…
OCC: Seven New Members Appointed to Minority Depository Institutions Advisory Committee
The Office of the Comptroller of the Currency (OCC) today named seven new members to its Minority Depository Institutions Advisory Committee (MDIAC). The MDIAC advises the OCC on steps it can take to ensure the continued health and viability of minority depository institutions and other issues of concern to these institutions. The new members are:…
SBA: Changes to Paycheck Protection Program by Biden-Harris Administration Increases Equitable Access to Relief
Early indications show program reforms and efforts to engage with communities authentically are working in meaningful ways. Two weeks ago, the Biden-Harris Administration made several reforms to the Paycheck Protection Program (PPP) to further ensure small businesses get the help they need, especially Mom-and-Pop businesses in underserved communities. Putting equity at the center of its policies and…
FDIC: Emergency Capital Investment Program Available for CDFIs and Minority Depository Institutions
Summary: The Federal Deposit Insurance Corporation (FDIC) is advising certified Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs) of the Emergency Capital Investment Program (ECIP) established by the Consolidated Appropriations Act, 2021. Under the ECIP, certified CDFIs and MDIs may be eligible for capital investments from the U.S. Department of the Treasury (Treasury)…
Federal Bank Regulators Issue Rule Supporting Treasury’s Investments in Minority Depository Institutions and CDFIs
Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department’s implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions. The Treasury Department’s Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to provide loans, grants, and forbearance…