Federal Reserve: Supervisory Guidance Issued to Clarify Definitions for Minority Depository Institutions
The Federal Reserve on Friday clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress (PFP) program. The Federal Reserve System supports an inclusive financial system and understands the challenges inherent in providing…
SBA: Smallest of Small Businesses Prioritized in the Paycheck Protection Program
Steps to Promote Equitable Relief for Mom-and-Pop Businesses Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has…
SBA: PPP Re-Opened to Community Financial Institutions First
Community Financial Institutions get dedicated access starting January 11, 2021 The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access…
OCC: Project REACh Pledge Released to Promote Vitality of Minority Depository Institutions
The Office of the Comptroller of the Currency today announced the release of the Project REACh Minority Depository Institution (MDI) Pledge. In doing so, Acting Comptroller of the Currency Brian P. Brooks encouraged all large and midsize banks to consider the pledge to develop meaningful partnerships with MDIs to help them remain a vibrant part…
FDIC: Financial Advisors Sought to Establish New “Mission-Driven Bank Fund” to Support FDIC-Insured Minority Banks and CDFIs
The Federal Deposit Insurance Corporation (FDIC) today announced a competition to choose one or more experienced financial advisors to support the development of a new Mission-Driven Bank Fund. The Fund will provide a vehicle for private sector and philanthropic investment in FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). The selected financial advisor(s)…
FDIC: Resource Guide Published to Promote Investment Partnerships With FDIC-Insured Minority Banks and CDFIs
The Federal Deposit Insurance Corporation (FDIC) today published a new resource guide to promote private and philanthropic investment partnerships with FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institution banks (CDFI banks). “Investing in the Future of Mission-Driven Banks” is FDIC’s latest effort to build supportive partnerships between these banks and other financial institutions, private companies…
Federal Reserve: Speech by Governor Brainard on Strengthening CRA Provisions Related to Minority Depository Institutions
I want to thank Kim Saunders and Kenneth Kelly for inviting me to join members of the National Bankers Association (NBA) for a conversation today.1 As mission-driven financial institutions with a focus on serving minority households and businesses, you see the significant racial disparities in our economy every day. Going into the crisis, Black and…
FDIC: Updated Policy Statement on Minority Depository Institutions Proposed
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a new proposed Statement of Policy to enhance the agency’s efforts to encourage and preserve Minority Depository Institutions (MDIs). The proposed revisions would update, strengthen, and clarify the FDIC’s policies and procedures related to the agency’s existing MDI framework. The FDIC seeks public comment…
OCC: Minority Depository Institution Advisory Committee Remote Meeting Scheduled for September 1st
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, September 1, 2020, via remote means. The meeting is open to the public and will begin at 1 p.m., Eastern Daylight Time (EDT). The MDIAC advises the OCC…
SBA: Readout from Roundtable Discussion with Minority Depository Institutions
On July 30, 2020, U.S. Small Business Administration Administrator Jovita Carranza, Deputy Secretary of the Treasury Justin Muzinich, U.S. and other senior Treasury and SBA officials participated in a roundtable discussion with National Bankers Association Chairman Kenneth Kelly and executives from several minority depository institutions (MDIs). The discussion focused on the MDIs’ experiences as lenders…