ALEXANDRIA, Va.–Today is the deadline to file comments with NCUA on its proposal to clarify what’s required for a credit union to receive and maintain a minority depository institution (MDI) requirement.
The proposal was put forth during the agency’s June board meeting, as CUToday.info reported here.
As reported, the proposed revisions are to the agency’s Interpretive Ruling and Policy Statement (IRPS) 13-1 and include the addition of examples of technical assistance an MDI credit union may receive, a new standard for MDIs to assess their designations periodically, and updates to the agency’s own process for reviewing MDI designation status.
NCUA said the revised policy statement would also improve the preservation program by simplifying the definition of “community it services, as designated in its charter” to refer to an MDI credit union’s field of membership.
MDIs have been a priority of NCUA Chairman Todd Harper.
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