Minority Depository Institutions

The Board of Governors of the Federal Reserve System (Federal Reserve Board), together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) (the Agencies), are responsible for implementing numerous provisions outlined in section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 that mandate that the Agencies work to preserve minority ownership of minority depository institutions (MDIs) and to promote the general welfare of MDIs.

The Federal Reserve System's (System) Partnership for Progress (PFP) program, established in 2008, was created in recognition of the importance of MDIs. The PFP works on an ongoing basis to preserve and promote these institutions. The System, and its PFP program, support an inclusive financial system and understand the challenges inherent in providing access to credit and other financial services in traditionally underserved areas. As such, the System and its PFP program remain committed to identifying and carrying through on all opportunities to support the preservation of these organizations.

The PFP program is centered on three main objectives:

  • Connection: Facilitate relationship building, engage industry stakeholders, and develop relationships to support the preservation and creation of MDIs.
  • Capacity Building: Provide organizational development and technical assistance to MDIs through Federal Reserve resources and collaboratively with the FDIC and OCC.
  • Research and Thought Leadership: Produce high quality research discussion papers that enhance our understanding of the business models of MDIs and how they serve their communities.

The Federal Reserve maintains a separate website with resources for and about MDIs. Please visit our Partnership for Progress website for research and information on MDIs.

Each quarter, the Federal Reserve works with the FDIC and OCC to populate and verify current data on MDIs. For the latest list of MDIs, as well as historical data, please visit the FDIC website.

Each year, the Federal Reserve Board writes a report to Congress outlining the activities it has taken to meet its Congressional mandate to preserve and promote MDIs. Recent Federal Reserve MDI reports to Congress are available here.

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Last Update: May 06, 2021