OCC: Seven New Members Appointed to Minority Depository Institutions Advisory Committee
The Office of the Comptroller of the Currency (OCC) today named seven new members to its Minority Depository Institutions Advisory Committee (MDIAC). The MDIAC advises the OCC on steps it can take to ensure the continued health and viability of minority depository institutions and other issues of concern to these institutions. The new members are:…
SBA: Changes to Paycheck Protection Program by Biden-Harris Administration Increases Equitable Access to Relief
Early indications show program reforms and efforts to engage with communities authentically are working in meaningful ways. Two weeks ago, the Biden-Harris Administration made several reforms to the Paycheck Protection Program (PPP) to further ensure small businesses get the help they need, especially Mom-and-Pop businesses in underserved communities. Putting equity at the center of its policies and…
FDIC: Emergency Capital Investment Program Available for CDFIs and Minority Depository Institutions
Summary: The Federal Deposit Insurance Corporation (FDIC) is advising certified Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs) of the Emergency Capital Investment Program (ECIP) established by the Consolidated Appropriations Act, 2021. Under the ECIP, certified CDFIs and MDIs may be eligible for capital investments from the U.S. Department of the Treasury (Treasury)…
Federal Bank Regulators Issue Rule Supporting Treasury’s Investments in Minority Depository Institutions and CDFIs
Federal bank regulatory agencies today announced an interim final rule that supports the Treasury Department’s implementation of a program established by Congress to make capital investments in minority depository institutions and community development financial institutions. The Treasury Department’s Emergency Capital Investment Program (ECIP) will support the efforts of these financial institutions to provide loans, grants, and forbearance…
Federal Reserve: Supervisory Guidance Issued to Clarify Definitions for Minority Depository Institutions
The Federal Reserve on Friday clarified guidance as it relates to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress (PFP) program. The Federal Reserve System supports an inclusive financial system and understands the challenges inherent in providing…
SBA: Smallest of Small Businesses Prioritized in the Paycheck Protection Program
Steps to Promote Equitable Relief for Mom-and-Pop Businesses Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has…
SBA: PPP Re-Opened to Community Financial Institutions First
Community Financial Institutions get dedicated access starting January 11, 2021 The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access…
OCC: Project REACh Pledge Released to Promote Vitality of Minority Depository Institutions
The Office of the Comptroller of the Currency today announced the release of the Project REACh Minority Depository Institution (MDI) Pledge. In doing so, Acting Comptroller of the Currency Brian P. Brooks encouraged all large and midsize banks to consider the pledge to develop meaningful partnerships with MDIs to help them remain a vibrant part…
FDIC: Financial Advisors Sought to Establish New “Mission-Driven Bank Fund” to Support FDIC-Insured Minority Banks and CDFIs
The Federal Deposit Insurance Corporation (FDIC) today announced a competition to choose one or more experienced financial advisors to support the development of a new Mission-Driven Bank Fund. The Fund will provide a vehicle for private sector and philanthropic investment in FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs). The selected financial advisor(s)…
FDIC: Resource Guide Published to Promote Investment Partnerships With FDIC-Insured Minority Banks and CDFIs
The Federal Deposit Insurance Corporation (FDIC) today published a new resource guide to promote private and philanthropic investment partnerships with FDIC-insured Minority Depository Institutions (MDIs) and Community Development Financial Institution banks (CDFI banks). “Investing in the Future of Mission-Driven Banks” is FDIC’s latest effort to build supportive partnerships between these banks and other financial institutions, private companies…