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Federal Register / Vol. 86, No. 118 / Wednesday, June 23, 2021 / Rules and Regulations
One commenter suggested the FDIC
facilitate training and education through written materials, such as manuals or whitepapers. The FDIC is evaluating options for additional training and education resources. The FDIC will engage the MDI Subcommittee to seek its ideas on topics and alternative methods of providing training and education material.
Finally, one commenter urged the FDIC to play a larger role in addressing the challenges facing minority communities, including racial gaps in financial and economic opportunity.
The Statement of Policy focuses on strategies to facilitate the viability of MDIs to enable MDIs to serve their communities. As noted above, the FDIC
recognizes the importance of the broader societal issues and, indeed, is taking steps to address them, but revisions to the rules implementing the Community Reinvestment Act, enforcing the law against predatory lenders, and bank staff diversity are beyond the scope of the Statement of Policy.
III. Final Statement of Policy Regarding Minority Depository Institutions The text of the Statement of Policy follows:
The FDIC has long recognized the importance of minority depository institutions in the financial system and their unique role in promoting the economic viability of minority and under-served communities. The FDIC
historically has implemented programs to preserve and promote these financial institutions. This Statement of Policy describes the framework the FDIC has put into place and the initiatives the FDIC will undertake to fulfill its statutory goals with respect to minority depository institutions MDI Program.

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Statutory Framework In August 1989, Congress enacted the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 FIRREA.
Section 308 of FIRREA established the following goals:
Preserve the number of minority depository institutions;
Preserve the minority character in cases of merger or acquisition;
Provide technical assistance to prevent insolvency of institutions not now insolvent;
Promote and encourage creation of new minority depository institutions;
and Provide for training, technical assistance, and educational programs.

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Definitions
Organizational Structure
Section 308 of FIRREA defines minority depository institution as any federally insured depository institution where 51 percent or more of the voting stock is owned by one or more socially and economically disadvantaged individuals. Minority, as defined by Section 308 of FIRREA, means any Black American, Native American, Hispanic American, or Asian American. Therefore, for the purposes of this Statement of Policy, minority depository institution is defined as any federally insured depository institution where 51 percent or more of the voting stock is owned by minority individuals.
This includes institutions collectively owned by a group of minority individuals, such as a Native American tribe. Ownership must be by U.S.
citizens or permanent legal U.S.
residents to be counted in determining minority ownership. In addition to the institutions that meet the ownership test, for the purposes of this Statement of Policy, institutions will be considered minority depository institutions if a majority of the Board of Directors consists of minority individuals and the community that the institution serves is predominantly minority.

The FDIC has designated a national director for the FDICs MDI program in the Washington Office and a regional coordinator in each Regional Office. The national director will consult with officials from the following FDIC
Divisions to ensure appropriate personnel are involved and resources are made available with regard to MDI
program initiatives: Division of Risk Management Supervision, Division of Depositor and Consumer Protection, Division of Resolutions and Receiverships, Division of Insurance and Research, Legal Division, and the Office of Minority and Women Inclusion. The national director will also consult with other organizations within the FDIC as appropriate.
As the primary federal regulator for State nonmember banks and State savings associations, the FDIC will focus its efforts on minority depository institutions with those charters.
However, the national director will meet periodically with the other federal banking regulators to discuss each agencys outreach efforts, to share ideas, and to identify opportunities where the agencies can work together to assist minority depository institutions.
Representatives of other divisions and offices may participate in these meetings.

Identification of Minority Depository Institutions To ensure that all minority depository institutions are able to participate in the MDI program, the FDIC will maintain a list of federally insured minority depository institutions. Institutions that are not already identified as minority depository institutions can request to be designated as such by certifying that they meet the above definition. For institutions supervised directly by the FDIC, examiners will review the appropriateness of their inclusion on the list during the examination process.
In addition, case managers in regional offices will note changes to the list while processing deposit insurance applications, merger applications, change of control notices, or failures of minority depository institutions. The FDIC will work closely with the other federal banking regulators to capture accurately on the list institutions not directly supervised by the FDIC. In addition, the FDIC will periodically provide the list to relevant trade associations and seek input regarding the accuracy of the list. Inclusion in the FDICs MDI program is voluntary. Any minority depository institution not wishing to participate in the MDI
program will be removed from the official list upon request.

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Engagement With Minority Depository Institutions The FDICs MDI program will provide for continual engagement with minority depository institutions through ongoing interaction with the Washington, Regional, and Field Office staff. This interaction includes providing technical assistance to share information and expertise on supervisory topics, outreach initiatives to provide opportunities for open dialogue with senior FDIC staff, and training initiatives to offer opportunities to gain additional knowledge about specific regulatory requirements.
Further, trade associations affiliated with minority depository institutions serve as a significant resource in identifying specific interests or concerns for those institutions. The national director will regularly contact minority depository institution trade associations to seek feedback on the FDICs efforts under the MDI program, discuss possible training initiatives, and explore options for promoting and preserving minority depository institutions. The national director and the regional coordinators also will solicit information from trade associations, including national and state bankers
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