FRB Expands Definition of Minority Depository Institutions to Include Women-Owned Financial Enterprises

The Federal Reserve Board ("FRB") clarified guidance on the definition of "minority depository institutions" and expanded the definition to include "women-owned depository institutions."

The FRB defined a woman-owned depository institution as one in which (i) one or more women hold more than 50 percent of the ownership, (ii) one or more women accrue more than 50 percent of the net profit or loss, and (iii) women hold a "significant percentage" of senior management positions. The FRB's definition is consistent with the terms in the Community Reinvestment Act.