WASHINGTON (8/6/13)--As the National Credit Union Administration moves forward to create a Minority Depository Institution (MDI) Preservation Program, credit unions and other interested parties have until Sept. 30 to make their views known.
At its July 25 open board meeting, the NCUA issued an Interpretive Ruling and Policy Statement (IRPS 13-1) to prescribes an MDI program and its eligibility criteria, initiatives and benefits. (News Now July 26)
The program is reflective of ones established in 1989 under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) for the Federal Deposit Insurance Corp. and the now-defunct Office of Thrift Supervision, in response to the failure of the Federal Savings and Loan Insurance Corporation.
FDIC and OTS developed various initiatives, such as training, technical assistance, and educational programs, aimed at preserving federally insured banks and savings institutions that meet FIRREA's definition of a minority depository institution.
Under the 2010 Dodd-Frank Act, FIRREA was applied to the NCUA, the Office of the Comptroller of the Currency and the Federal Reserve Board. Dodd-Frank also requires these agencies, along with FDIC, to each submit an annual report to the U.S. Congress describing actions taken to carry out FIRREA.
Use the resource link to read the NCUA IRPS published in the Federal Register, which set the Sept. 30 comment deadline.