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.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
