NCUA official seal. (Source: NCUA)
In a statement Thursday, the NCUA designated June as Minority Depository Institution (MDI) Awareness Month as a way to bring more public attention to the value MDIs bring to underserved communities around the country.
According to the NCUA, MDI credit unions are defined as having a majority of its members, board of directors and communities it serves "consisting of individuals who are Black American, Asian American, Hispanic American or Native American."
In recognizing MDI Awareness Month, NCUA Board Chairman Todd Harper said, "Service, opportunity, and financial security are central to the mission and work of minority depository institutions. One in ten federally insured credit unions is an MDI, and while they tend to be smaller than many other financial institutions, they play a much greater role in expanding access to safe, fair, and affordable financial products and services and supporting local development in under-resourced communities. This month, the NCUA acknowledges their efforts and affirms our commitment to ensuring these credit unions remain an integral part of the financial services system."
According to Thursday's announcement, the NCUA will be recognizing MDI initiatives this month, including:
- A webinar on June 8 on how MDI credit unions help minority communities access safe, fair, and affordable financial services and promote greater financial security;
- The release of the 2022 MDI Annual Report to Congress.
- The 2023 Community Development Revolving Loan Fund grants round for low-income and MDI credit unions, open until June 30.
- Updates and information on the NCUA's online training, resources, and support programs tailored to the specific needs of MDIs.
Congress now recognizes the MDI designation as a qualifying factor for Community Development Revolving Loan Fund grants after the NCUA launched its MDI Preservation Program in 2015.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.