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Minority Depository Institutions Program

New MDIs

The FDIC’s Minority Depository Institutions program supports a statutory goal to promote and encourage creation of new minority depository institutions (MDIs). To meet this goal, FDIC officials meet periodically with trade groups representing MDIs. In addition, FDIC staff provides technical assistance for groups interested in organizing new institutions and applying for deposit insurance. These depository institutions are often referred to as de novos. Existing FDIC-supervised financial institutions that also meet the definition of an MDI may contact the FDIC regarding designation as an MDI.

The FDIC maintains a webpage with information and resources important to the deposit insurance application process, including a practical and plain language guide to help organizers navigate the application process and successfully form a de novo institution. Also accessible are applicable laws and regulations, guidance, application forms, and other important resources.

For those institutions interested in the MDI designation, the FDIC has issued guidance detailing the process for an existing FDIC-supervised institution or applicant for deposit insurance to make a request that the FDIC recognize the institution as an MDI.

FDIC Case Managers are responsible for contacting applicants attempting to establish a new minority depository institution, to discuss the FDIC’s MDI program and to offer technical assistance during the application process. Each FDIC region’s MDI Coordinator can provide assistance in locating the appropriate case manager.