Removing Barriers Blog

Letter sent prior to hearing on Minority Depository Institutions
Posted November 21, 2019 by CUNA Advocacy

Yesterday, CUNA wrote to Chairman Meeks and Ranking Member Luetkemeyer in support of NCUA’s Minority Depository Institution (MDI) Preservation Program and said it is well-placed to support MDI credit unions’ resiliency and bolster the chances minority and underserved communities have access to financial opportunities.

NCUA’s MDI Preservation Program, which was approved in 2015, aims to encourage the preservation of MDI credit unions via technical assistance, educational opportunities, grants, outreach to understand the particular challenges MDI credit unions face and provide MDIs considering mergers support in identifying appropriate merger partners.

“This program represents a valuable resource for MDI credit unions because it offers an opportunity to bolster their sustainability,” CUNA’s letter reads.

Today, MDI credit unions represent approximately 10% of all credit unions and serve approximately 3.9 million members (representing 3% of all credit union members).