Resources
The Importance of Minority Depository Institutions
MDIs are crucial to eliminating the racial wealth gap.
150
Currently, there are approximately 150 Minority Depository Institutions (MDIs)
Across 28 states, the District of Columbia, Puerto Rico, and Guam.
Yet, since 2008 the number of MDIs has
decreased by 32%.
That’s why the National Bankers Association works to
capitalize
modernize &
strengthen
Minority Depository Institutions
Resources to Support MDIs
Free AI Policy Resource Guide
Learn how to implement a corporate wide AI policy that ensures regulatory compliance, secures your data and uses best practices for risk management.
MinBanc Foundation, Inc.
MinBanc Foundation offers reimbursements for employees of minority-owned and -operated banks looking for development training and industry events.
Did you know?
Over a third (37%) of mortgages loans from MDIs go to minority borrowers, compared to only 13% from non-MDIs.
Strategies designed to help people build meaningful lives in which they can experience health and well-being, pursue effective education and gainful employment, and access the resources required to create ever-expanding opportunities for themselves and their broader communities.
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Project REACh
Office of the Comptroller of the Currency
Project REACh promotes financial inclusion through greater access to credit and capital. Project REACh convenes people with the ability to help solve inherent policy problems so underserved populations may have the same opportunities to succeed and benefit from the nation's financial system as others. The group identifies and works to reduce barriers to access that exist at the national or local levels to expand access to credit and capital.
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Fintech Playbook
Third Party Provider Evaluation
In the landscape of community banking, consolidating core banking services such as data processing, digital banking, and card processing with a single provider is akin to charting a long-term course for your institution's operational and customer service strategy. As community banks often find themselves bound by a 5–10-year contract with a core provider, the allure of bundled services and potential cost savings is ever-present. Before committing to such a strategic partnership, learn how to weigh the benefits against the potential limitations. You can utilize our Fintech Playbook on Third Party Provider Evaluation during your due diligence process. This resource, designed to guide you through the selection of vendors that align with your growth trajectory and service standards, can be downloaded below.
Download Fintech Playbook
FDIC MDI Program
There are two methods for how FDIC-insured commercial banks and savings associations may qualify for MDI status. An MDI may be a federally insured depository institution for which (1) 51 percent or more of the voting stock is owned by minority individuals, or (2) a majority of the board of directors is a minority, and the community that the institution serves is predominantly minority. Ownership must be by U.S. citizens or permanent legal U.S. residents to be counted in determining minority ownership.
Partnership for Progress
Federal Reserve
Partnership for Progress is a Federal Reserve System program created to preserve and promote minority-owned institutions and enhance their ability to thrive in an increasingly competitive banking environment. Supporting minority-owned institutions is fundamental to the Federal Reserve's mission to provide a safe, sound, and accessible banking system that protects consumers and promotes competition. Learn more about the Partnership for Progress program and read a press release from the Board of Governors.
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Federal Government Resources and Programs
FDIC
The Federal Government has various programs and resources in numerous agencies to support MDIs and help them remain competitive within the larger financial banking sector.
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Mission-Driven Deposits Term Sheet
Are you interested in providing mission-driven deposits? This term sheet provides an overview of the terms and conditions typically associated with mission-driven deposits, which are designed to provide a stable and long-term source of funding for historically underserved communities.
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Download Sample Term Sheet Here