ARLINGTON, Va.—In response to proposed revisions to NCUA’s interpretive ruling and policy statement (IRPS) regarding the Minority Depository Institution (MDI) Preservation Program, NAFCU has offered some recommendations to the agency.
In the trade group’s letter, Senior Regulatory Affairs Counsel James Akin offered support for the proposed IRPS changes, noting they include a provision of tailored regulatory treatment for MDIs due to their unique role in serving underserved communities.
The proposal also expands MDI access to the Community Development Revolving Loan Fund (CDRLF) for capital and growth and prioritizes MDI preservation.
NAFCU said there are several “additional steps” it believes NCUA could take to further reduce the risk of MDI failures, and recommended an increased focus on the MDI mentorship program.
Be More ‘Proactive’
“Furthermore, NAFCU urges the NCUA to be more proactive in providing additional information and resources to MDIs,” the association wrote. “This could include regular updates on regulatory changes, best practices or opportunities for training and development, all tailored to the specific needs of MDIs.”
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