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NCUA released its annual report to Congress on the performance of minority depository institution (MDI) credit unions and the agency’s work to support them. MDI credit unions experienced growth in membership, assets, and loans in 2021 as they continued to provide safe, fair, and affordable financial services to their members and communities.
The NCUA supervised 509 MDI credit unions at the end of 2021, compared to 520 at the end of 2020. The slight decline is largely due to credit unions that fell outside the specific requirements for the MDI designation. These credit unions:
The NCUA’s MDI Preservation Program continued to offer support to MDI credit unions through technical assistance; training; and, if the credit union also has the low-income designation, access to Community Development Revolving Loan Fund grants and loans.
During 2021, the NCUA’s MDI preservation efforts included:
MDI credit unions are often the only federally insured financial institution available in rural, urban, and underserved communities that have been historically unserved by traditional financial institutions.
A federally insured credit union can qualify as an MDI if more than 50 percent of its current members, the community it services, and board of directors are from one or a combination of the four minority categories defined in federal law: any Black American, Asian American, Hispanic American, or Native American.