FDIC Proposes to Update Policy Statement on Minority Depository Institutions — 2020-08-21

WASHINGTON—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 on the proposal over a 60-day period. Specifically, the proposed revisions describe the initiatives the FDIC has taken and will take to promote the preservation of MDIs and enhance communication between the FDIC and these minority-owned and managed institutions. The proposed Statement of Policy would also define the program terms for technical assistance, training, education, and outreach. Finally, it offers an explanation of how the FDIC applies examination standards in assessing the performance of MDIs.