An online tool to promote creation of new minority banks by helping financial institutions, investors, and other interested groups identify neighborhoods that could benefit from banking services was unveiled Wednesday by the federal insurer of bank deposits.
The Federal Deposit Insurance Corp. (FDIC) said its new tool – the Minority Banking Opportunity Explorer – was introduced at the meeting of the minority depository institutions (MDI) subcommittee to the FDIC Advisory Committee on Community Banking.
According to the FDIC, the tool supports the creation of new minority depository institutions by assisting financial institution organizing groups with exploring potential business opportunities in areas that may meet the “community served” part of an MDI designation.
The agency said the tool can also support existing MDIs’ growth by identifying new branch locations or advertising opportunities.