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Financial Services Law Insights and Observations

FDIC establishes MDI support office

Federal Issues FDIC Minority Depository Institution Bank Regulatory

Federal Issues

On November 2, the FDIC 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, in addition to promoting private sector investments in low- and moderate-income communities. The announcement further noted that FDIC Chairman Jelena McWilliams has initiated several programs for the FDIC’s MDI program since 2018, which include: (i) creating the Mission-Driven Bank Fund to facilitate critical capital investments in FDIC-insured MDIs and CDFIs (covered by InfoBytes here); (ii) establishing the MDI Subcommittee of the Advisory Committee on Community Banking; and (iii) adopting new processes to facilitate preservation of the minority character of an MDI in the case of a failure.

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