FDIC Creates New Office of Minority and Community Development Banking to Support Mission-Driven Banks
On November 2, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams announced the creation of a new office to support the agency’s ongoing strategic and direct engagement with Minority Depository Institutions (MDIs), Community Development Financial Institution banks (CDFIs), and other mission-driven banks. The new office will further promote private sector investments in low- and moderate-income (LMI) communities.
“Mission-driven banks are the financial lifeblood of their communities, enabling individuals and minority-owned small businesses to securely build savings and obtain credit. By establishing the Office of Minority and Community Development Banking, we expand our engagement and collaboration in support of these institutions as part of a broader commitment to increasing financial inclusion,” said Chairman McWilliams.
Read the full press release.