Revisions to the agency’s written Minority and Depository Institution (MDI) Preservation Program policy were approved unanimously Thursday by the National Credit Union Administration (NCUA).
The revised policy, among other things, reflects that administration of the MDI program rests with the agency’s Office of Credit Union Resources and Expansion (CURE). (It was moved there in 2018 from the Office of Minority and Women Inclusion.) The NCUA said the proposed revisions were adopted with little change and included included:
- Updating the administering office to CURE to reflect the agency’s current structure;
- Clarifying that the meaning of “community it services,” means a credit union’s field of membership;
- Adding a reference to agency guidance to examiners regarding supervision of minority depository institutions;
- Clarifying the process for reviewing a minority depository institution’s designation status; and
- Adding new subsection headings and expanding the discussion of agency actions and policies in the areas of minority depository institution engagement, technical assistance, examinations of minority depository institutions, grants and loans, and training.
The few changes from the proposal included removal of an erroneous sentence that said technical assistance is offered to each MDI credit union, the agency said. This “does not change the availability of technical assistance resources for minority depository institution credit unions, including through the Community Development Revolving Loan Fund’s grants and loans and through the Small Credit Union and Minority Depository Institution Support Program,” it said in a draft notice of final rule.
The board on Thursday also heard a quarterly report on the National Credit Union Share Insurance Fund (NCUSIF), which insures credit union members’ deposits in their institution. The fund closed 2023 at an equity ratio of 1.3%, the agency said.
The agency also said Thursday that the March board meeting is canceled; the next open board meeting is scheduled for April 18.