FDIC Establishes Process for Requesting MDI Designation

The FDIC established a process to guide FDIC-supervised financial institutions or applicants for deposit insurance when requesting a Minority Depository Institution ("MDI") designation.

In 2021, the FDIC approved an updated Statement of Policy on MDIs that (i) described the FDIC's efforts to preserve MDIs and to enhance communication, (ii) defined the program terms for technical assistance, outreach, training and education, and (iii) explained how the FDIC assesses an MDI's performance based on examination standards (see related coverage).

As outlined in the MDI Designation Process, the FDIC stated it will accept submissions via written request that are signed (by a duly authorized officer or representative of the institution or applicant) and sent to the appropriate regional office. If approved, the FDIC will send a letter acknowledging the entity as an MDI and provide information on the resources available to MDIs.

The FDIC encouraged entities to keep adequate records supporting MDI designation eligibility.

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