McGlinchey Stafford, PLLC
MONTH-IN-BRIEF (Aug 2022)
Banking Law
Future of Minority Depository Institutions
By Tiyanna D. Lords and Lynette I. Hotchkiss, McGlinchey Stafford, PLLC
On July 26, 2022, the Office of the Comptroller of the Currency (OCC) issued an update to its 2013 policy statement on minority depository institutions (MDIs). Acting Comptroller Michael J. Hsu noted as follows concerning the reason for updating the policy: “MDIs are on the frontlines serving low-income, minority, rural and other underserved communities. They are a critical source of credit to support the financial needs and economic vitality of their communities. The OCC has a long history of recognizing the value of these institutions, and we will continue our efforts to ensure they remain a bedrock of financial access and inclusion.”