WASHIINGTON– The FDIC has 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, according to the FDIC.
“Mission-driven banks are the financial lifeblood of their communities, enabling individuals and minority-owned small businesses to securely build savings and obtain credit,” said Chairman Jelena McWilliams. “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.”