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Financial Institution Letter

Minority Depository Institution (MDI) Designations

May 19, 2022  |  FIL-24-2022


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 Statement describes 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.


  • The FDIC has long recognized the importance of MDIs and has historically taken steps to preserve and promote and encourage the creation of these insured financial institutions.
  • FDIC supervised institutions or applicants for deposit insurance that seek to be recognized as an MDI may submit a written request, signed by a duly authorized officer or representative of the institution or applicant, at any time to the appropriate regional office.
    • Institutions may also submit a request in connection with a merger application or a change in control notice.
    • The request should contain sufficient information in support of the designation.
  • If the submitted documentation indicates that the institution or applicant has met the eligibility requirements, the FDIC will send a letter acknowledging recognition of the institution as an MDI.
    • The letter will describe the resources available through the MDI Program.
    • The institution or applicant should maintain documentation supporting its continued eligibility for the MDI designation.

Related Topic:

Applications and Notices

Related Resource:

FDIC Statement of Policy regarding Minority Depository Institutions