ALEXANDRIA, Va. (6/19/15)--The board of the National Credit Union Administration approved a Minority Depository Institution (MDI) Preservation Program Thursday.
Through the program, minority credit unions will be eligible for technical assistance and educational opportunities.
“With the adoption of this policy statement, NCUA has put in place a robust program to preserve minority credit unions,” NCUA Board Chair Debbie Matz said. “These institutions play a vital role in their communities, and they are often the only insured financial institutions within the community. We need to support them and ensure their long-term success.”
To be an MDI, a credit union must have at least 50% minority current members, minority potential members and minority board members in each of those three groups.
The goals of the preservation program include:
The preservation program, required by Section 367 of the Dodd-Frank Act, will be administered by NCUA’s Office of Minority and Women Inclusion.
The final interpretive ruling and policy statement will become effective 60 days after publication in the Federal Register.