OCC updates statement on MDIs

Bank Regulatory OCC MDI

On July 27, the OCC announced the revision of its 2013 policy statement for minority depository institutions (MDI) to update and streamline descriptions of its policies, procedures, and programs. According to the announcement, the OCC observed an increase in interest from banks and other stakeholders in working with MDIs and the MDI designation process after Project REACh was formed in 2020, and after the Emergency Capital Investment Program was established by Congress for Covid-19 relief. These events prompted the OCC to review its 2013 policy statement on MDIs, and the revised policy statement is a result of that review. The OCC also released a Fact Sheet regarding the agency’s support for MDIs.