MDI credit unions “essential” following banner 2022
Let’s just say it: minority depository institutions are having a moment, and we’re here for it.
According to the NCUA’s recently released annual MDI report to Congress, findings revealed MDIs – representing one in 10 federally-insured credit unions – experienced growth in membership, assets, and loans in 2022, while expanding access to financial services for their members and communities. Total loans outstanding were reported to be $42.2 billion, a full $8 billion increase from the year prior.
In fact, the NCUA noted MDIs’ 2022 performance metrics improved so much that several categories outpaced the growth in the credit union system itself.
“Minority depository institutions are an essential component of the credit union system, providing access to safe, fair, and affordable financial products and services within well-resourced communities,” NCUA Chairman Todd Harper said. “MDIs during 2022 showed us just how essential they are. Not only did they give millions of Americans the chance to build better and more successful futures, their performance metrics in several categories were stronger than the credit union system overall.”
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