The NCUA submitted its first Office of Minority and Women Inclusion Annual Report to Congress Nov. 15, providing details on Minority Depository Institutions required by the Dodd-Frank Act.
“NCUA recognizes the importance of minority credit unions and the unique challenges they often face in serving their membership fields. As a result, the agency took proactive steps to comply with this new mandate,” the report said.
NCUA Board Chairman Debbie Matz tasked the agency’s Director of the Office of Minority and Women Inclusion to develop and administer the Minority Depository Institutions Preservation Program, which preserves and encourages minority depository institutions required by the law. The NCUA Board approved the proposed “Minority Depository Institutions Preservation Program Interpretive Ruling and Policy Statement” and a request for comments from credit unions, trade associations, and general public at its open board meeting on July 25. The 60-day comment period ended on Sept. 30. The program will continue to evolve as comments from stakeholders are reviewed, the regulator said.