ALEXANDRIA, Va. (June 3, 2024) – June is Minority Depository Institution Awareness Month at the National Credit Union Administration (NCUA), and the agency will feature activities and events highlighting the essential role MDIs play in their communities.
The NCUA’s MDI Awareness Month activities include:
– A June 5 webinar, “What is an MDI?,” discussing the requirements for the MDI designation and the MDI business model.
– A June 18 webinar, “How MDIs Serve Their Communities,” featuring presentations from credit unions and credit union leagues.
– The release of the agency’s 2023 MDI Annual Report to Congress.
– Outreach to potential MDIs about the process and benefits of designation.
– Sharing stories on social media about MDI successes in their communities.
– Updates and information on the NCUA’s online training, resources, and support programs tailored for MDIs.
An MDI credit union is defined as having a majority of its current members, board of directors, and the community it serves consisting of individuals who are Black American, Asian American, Hispanic American, or Native American. Federally insured credit unions self-designate as MDIs by responding to the minority questions on the CUOnline Profile.
The NCUA launched the MDI Preservation Program in 2015 to offer technical and educational services addressing the unique needs of MDIs. The agency has regularly updated its program to adapt to MDIs’ changing needs and has allotted 4,600 staff hours across its three regions during 2024 to provide assistance under the Small Credit Union and MDI Support Program.
For more information about MDIs and the NCUA’s support efforts, visit the Minority Depository Institution Preservation page.
The NCUA is an independent federal agency created by Congress to regulate, charter, and supervise federal credit unions. With backing from the full faith and credit of the United States, it operates and manages the National Credit Union Share Insurance Fund, insuring deposits of over 135 million account holders in all federal credit unions and most state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.
Media Inquiries:
Joe Adamoli
JAdamoli@ncua.gov
703.518.6572
