FDIC Issues Policy Statement Establishing Process for Designation as a Minority Depository Institution

On May 19, 2022, the Federal Deposit Insurance Corporation (“FDIC”) established a process for an insured institution or applicant for deposit insurance to request recognition as a Minority Depository Institution (“MDI”). According to the release, “FDIC supervised institutions or applications for deposit insurance may submit a written request that the FDIC recognize the institution as an MDI at any time to the appropriate regional office.” The request should include the following information:

• A statement describing why the institution or applicant qualifies as an MDI;

• Sufficient supporting documentation for the FDIC to evaluate the request for the designation;

• The name and address of the requesting institution or applicant;

• Primary points of contact;

• Identification of minority category of the institution or applicant;

• Statement indicating whether the MDI designation is based on (a) ownership, or (b) board composition and community served.

A copy of the release outlining the designation request process can be found HERE.