Office of Thrift Supervision (OTS) Director John Reich announced plans on July 17 to establish a Minority Depository Institutions Advisory Committee to help preserve minority institutions and encourage their creation. “The Advisory Committee will serve as an invaluable mechanism for exploring the needs, concerns and challenges unique to minority depository institutions, and to make recommendations concerning OTS' supervisory expectations and processes,” Reich said during a speech at an Interagency Minority Depository Institution Conference in Chicago. The Advisory Committee will include representatives from OTS-supervised minority depository institutions, industry trade groups, consumer advocacy organizations and others, he said. More details will be published soon in the Federal Register.
The Federal Deposit Insurance Corporation (FDIC), also on July 17, announced that it continues to pursue strategies to preserve and encourage minority ownership of FDIC-insured financial institutions, including providing technical assistance in operational areas. The FDIC has expanded its guidance on providing technical assistance to minority depository institution (MDI) management to enhance ongoing communication with and support of MDIs.