FDIC Establishes an Office of Minority and Community Development Banking

On November 2, 2021, the Federal Deposit Insurance Corporation (FDIC) Chairman, Jelena McWilliams announced the creation of their new Office of Minority and Community Development Banking. 

This office was established to continue the FDIC’s efforts 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.” Additionally, the office will be tasked with “promoting private sector investments in low- and moderate-income (LMI) communities.”

In an official statement by Chairman McWilliams, she stated, “Mission-driven banks are the financial lifeblood of their communities, enabling individuals and minority-owned small businesses to securely build savings and obtain credit. By establishing the Office of Minority and Community Development Banking, we expand our engagement and collaboration in support of these institutions as part of a broader commitment to increasing financial inclusion[.]” This commitment is clearly evidenced by the numerous initiatives for the FDIC’s MDI program that Chairman McWilliams has launched since 2018.

For questions about how to get your financial institution involved in these initiatives, please contact Kennedy Sutherland.