FDIC Establishes Minority And Community Development Banking Office

The FDIC established a new Office of Minority and Community Development Banking to enhance efforts to help low- and moderate-income communities secure private sector investments.

The creation of the new office comes on the heels of the FDIC's announcement of a new Mission-Driven Bank Fund that will support insured Minority Depository Institutions ("MDIs") and Community Development Financial Institutions ("CDFIs") by directing private capital investment into them to, in turn, allow them to further benefit the minority, lower income and rural communities they serve. (See also previous post.)

FDIC Chair Jelena McWilliams stated that the new office will allow the FDIC to "expand [its] engagement and collaboration in support of these institutions [MDI's and CDFIs] as part of a broader commitment to increasing financial inclusion."