On May 19, the FDIC released a process for insured institutions or applicants for deposit insurance to submit requests for recognition as a minority depository institution (MDI). As previously covered by InfoBytes, last June the FDIC approved and released an updated Statement of Policy Regarding Minority Depository Institutions to enhance the agency’s efforts to preserve and promote MDIs.

The updated statement of policy details the framework by which the FDIC implements objectives set forth in Section 308 of FIRREA and describes agency initiatives for fulfilling its MDI statutory goals. According to the FDIC, “supervised institutions or applicants for deposit insurance that seek to be recognized as an MDI may submit a written request, signed by a duly authorized officer or representative of the institution or applicant, at any time to the appropriate regional office.” Supervised institutions are also able to submit requests in connection with a merger application or a change in control notice. Requests should contain sufficient information in support of the designation, and the FDIC will send a letter acknowledging recognition of the institution as an MDI if an institution has met the eligibility requirements.