For Release – 2:00pm ET
WASHINGTON – Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams today announced the creation of a new office to support the agency’s ongoing strategic and direct engagement with Minority Depository Institutions (MDIs), Community Development Financial Institution banks (CDFIs), and other mission-driven banks. The new office will further promote private sector investments in low- and moderate-income (LMI) communities.
“Mission-driven banks are the financial lifeblood of their communities, enabling individuals and minority-owned small businesses to securely build savings and obtain credit. By establishing the Office of Minority and Community Development Banking, we expand our engagement and collaboration in support of these institutions as part of a broader commitment to increasing financial inclusion,” said Chairman McWilliams.
Since June of 2018, Chairman McWilliams has directed a number of new initiatives for the FDIC’s MDI program, including:
- Launching the Mission-Driven Bank Fund to facilitate critical capital investments in FDIC-insured MDIs and CDFIs;
- Establishing an MDI Subcommittee of the Advisory Committee on Community Banking;
- Publishing a major research study capturing changes in the structure, performance, and social impact of MDIs over an 18-year period;
- Adopting new processes to facilitate preservation of the minority character of an MDI in the event of a failure;
- Hosting roundtables to facilitate the development of non-bank partnerships with MDIs for financial, lending, and technical support;
- Developing an “origin stories” video program to provide historical context of the role of MDIs and their impact on the communities they serve; and
- Strengthening and updating the FDIC’s Statement of Policy on MDIs.
To learn more about the FDIC’s activities to support MDIs and mission-driven banks, visit www.FDIC.gov/MDI.