FDIC establishes Minority and Community Development Banking Office – Finance and Banking

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United States: FDIC Establishes Minority and Community Development Banking Office

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FDIC established a new Bureau of Banking Services for Minorities and Community Development to step up efforts to help low and moderate income communities secure private sector investment.

The creation of the new office follows that of the FDIC announcement a new one Mission-oriented banking fund which will support minority deposit-taking institutions (“MDIs”) and insured community development financial institutions (“CDFIs”) by directing private investments to them to, in turn, enable them to benefit more to minority, low-income and rural areas they serve. (See also previous Publish.)

FDIC President Jelena McWilliams said the new office will allow the FDIC to “expand [its] commitment and collaboration in support of these institutions [MDI’s and CDFIs] as part of a broader commitment to increase financial inclusion.

Primary sources

  1. FDIC Press Release: FDIC Creates New Minority and Community Development Banking Office to Support Mission-Based Banks

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