Preserving and promoting minority credit unions

on "March 18, 2020 2:10 pm"

NCUA’s Minority Depository Institution Preservation Program devotes effort toward preserving and promoting eligible minority credit unions. The program offers merger partner preference to minority depository institutions (whenever feasible), technical assistance, training, education programs, mentoring, chartering assistance, and other resources to help minority depository institutions flourish.

To qualify as an MDI, a federally insured credit union’s percentage of potential minority members, current minority members and minority board members must each exceed 50 percent. A “minority” is defined as any “Black American, Asian American, Hispanic American, or Native American” as defined in Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.NCUA Chairman Rodney Hood recently announced Hawaii’s credit unions are eligible to become MDIs and can access many available resources.

Find out more about MDI designation and how to self-designate online.