Comment period on MDI Preservation Program Policy Statement closes August 28
ALEXANDRIA, VA (August 14, 2023) — Stakeholders have until August 28 to submit comments on the NCUA’s proposed changes to the interpretive ruling and policy statement on the agency’s Minority Depository Institution Preservation Program. For more information or to submit a comment, please visit Regulations.gov.
The NCUA Board, at its June 22 meeting, unanimously approved the proposed changes that would amend Interpretive Ruling and Policy Statement 13-1, approved on June 18, 2015, to reflect the transfer of the MDI preservation program administration from the agency’s Office of Minority and Women Inclusion to its Office of Credit Union Resources and Expansion, update the program’s features, and clarify the requirements for a credit union to receive and maintain an MDI designation.
Proposed amendments to the interpretive ruling and policy statement also include incorporating recent program initiatives, providing examples of technical assistance an MDI may receive, establishing a new standard for MDIs to assess their designation periodically, and updating how the NCUA will review an MDI’s designation status, among other changes.
The proposal was published in the Federal Register on June 29, 2023, and has a 60-day comment period, ending August 28, 2023.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
