FOR IMMEDIATE RELEASE
ICBA Commends FDIC for Report on Minority Depository Institutions and CDFIs
Washington, D.C. (July 21, 2014)—The Independent Community Bankers of America® (ICBA) today commended the Federal Deposit Insurance Corp. (FDIC) for issuing its new report on minority depository institutions (MDIs) and FDIC-insured community development financial institutions (CDFIs). The report finds that MDIs often promote the economic viability of minority and underserved communities.
“ICBA thanks the FDIC for issuing its report on the structure, performance and social impact of minority banks and CDFIs—community banks that focus on serving some of the nation’s most underserved markets,” said Jill Sung, CEO of Abacus Federal Savings Bank in New York City and chairman of ICBA’s Minority Bank Council. “ICBA looks forward to continuing to work with policymakers to promote and preserve minority banks and to further improve their ability to respond to the unique needs and concerns of the communities they serve.”
As the FDIC’s report shows, minority banks play a unique role serving as catalysts for economic growth and revitalization in the neighborhoods they serve. The study finds that MDIs originated a larger share of their mortgages to borrowers who live in low- or moderate-income census tracts and to minority borrowers, demonstrating the essential role MDIs play in their local communities.
To help support the promotion, creation, preservation and ownership of minority financial institutions, ICBA in 2010 established the ICBA Minority Bank Council. The council helps to shape ICBA advocacy and education solutions that benefit minority banks and the communities they serve. The ICBA Minority Bank Council will continue working to identify the unique issues affecting minority-owned community banks and to cultivate positive relationships with regulators and others that shape and serve the minority bank marketplace.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.