CUNA joined the African-American Credit Union Coalition, Inclusiv, the National Association of Latino Credit Unions and Professionals, Leagues, and credit unions to offer suggestions on how NCUA can best support Minority Depository Institution (MDI) credit unions. NCUA proposed revisions to its interpretive ruling and policy statement on the MDI program at its June board meeting.
“Given the crucial role MDI credit unions play in their communities, we are encouraged by the NCUA’s increased and vocal commitment to supporting and preserving MDI credit unions. As the NCUA builds on its efforts to date, the agency should increase its support for MDI credit unions by deepening its engagement with MDI credit unions and the organizations that support them, improving the accessibility and usefulness of its key MDI programming efforts, and continuing to improve the examination process and compliance support for MDIs.
“In addition, the NCUA should play an active role in promoting MDI credit unions and ensuring they have the opportunity to participate fully in and on equal footing with MDI banks in both federal and private initiatives designed to support MDI,” it adds.
The organizations note NCUA’s support for MDI credit unions is key to their growth and success, and encourage the agency to:
They also note new MDI exam procedures have notably improved exams, and encourages NCUA to “ensure that new policy approaches and MDI programming announced by the Board consistently reach front-line staff responsible for carrying out the programming.”