Comment letters responding to an NCUA proposal to create a Dodd-Frank mandated Minority Depository Institution preservation program generally support the effort, but some question the costs and need to create a new program. On July 25, the NCUA issued an interpretive ruling and policy statement on the topic; comments were due Sept. 30.
According to the proposal, the MDI program would be administered by NCUA's Office of Minority and Women Inclusion and would consist of outreach efforts, technical assistance and educational opportunities. Credit unions with 50% or more minority members and management would be eligible and would also have access to the NCUA's Office of Small Credit Union Initiatives' resources and grant programs.
The African-American Credit Union Coalition said it unequivocally supports the proposal and it is hopeful that the MDI will be fully funded to achieve the goals of the Financial Institutions Reform, Recovery and Enforcement Act, wrote AACUC Chair Lynette Smith and Vice Chair Mark Brantley.
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