ALEXANDRIA, Va.– NCUA is reminding that it is marking Minority Depository Institution Awareness Month during June with a number of events related to MDIs.
The agency’s MDI Awareness Month activities include:
- A June 5 webinar, “What is an MDI?,” discussing the requirements for the MDI designation and the MDI business model.
- A June 18 webinar, “How MDIs Serve Their Communities,” featuring presentations from credit unions and credit union leagues.
- The release of the agency’s 2023 MDI Annual Report to Congress.
- Outreach to potential MDIs about the process and benefits of designation. Sharing stories on social media about MDI successes in their communities.
- Updates and information on the NCUA’s online training, resources, and support programs tailored for MDIs.
MDI Definition
NCUA noted an MDI credit union is defined as having a majority of its current members, board of directors, and the community it serves consisting of individuals who are Black American, Asian American, Hispanic American, or Native American. The agency further noted federally insured credit unions self-designate as MDIs by responding to the minority questions on the CUOnline Profile.
“The NCUA in 2015 launched the MDI Preservation Program, offering technical and educational services to address the unique needs of MDIs,” NCUA added.
It said it has regularly updated its program to adapt to MDIs’ changing needs and has allotted 4,600 staff hours across its three regions during 2024 to provide assistance under the Small Credit Union and MDI Support Program.
For info, visit the Minority Depository Institution Preservation page.
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