FDIC To Unveil Online Tool To Promote Creation Of New Minority Banks At The Minority Depository Institutions Subcommittee Meeting

By Godson Umejiego, Bureau Chief, The Americas

The Federal Deposit Insurance Corporation (FDIC) will introduce a new online tool to help financial institutions, investors, and other interested groups to identify neighborhoods that could benefit from banking services, Cyber Era NG learns.

The FDIC’s new Minority Banking Opportunity Explorer will be presented at a meeting of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking on November 6, 2024.

This new tool supports FDIC’s statutory mission to promote and encourage the creation of new minority depository institutions by assisting financial institution organizing groups with exploring potential business opportunities in areas that may meet the “community served” part of an MDI designation. The tool can also support existing MDIs’ growth by identifying new branch locations or advertising opportunities.

 “As part of the FDIC’s ongoing commitment to support mission-driven banks, we are pleased to share a tool designed to assist those interested in creating new mission-driven banks or expanding the reach of other institutions,” said the FDIC’s Director, Office of Minority and Community Development Banking Betty Rudolph,. “The insights from leaders in the mission-driven banking community remain invaluable and we look forward to working to ensure that the tool remains effective and responsive to their priorities and needs.”

The FDIC’s MDI Subcommittee serves as a source of feedback for FDIC strategies to fulfill its statutory goals for MDIs; provides a platform for MDIs to promote collaboration, partnerships, and best practices; and identifies ways to highlight the work of MDIs in their communities.

The open portion of this meeting will be available on-demand approximately two weeks after the event.