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The Federal Reserve expanded the definition of minority depository institutions to include women-owned financial institutions.
Background: The Fed defines MDIs as entities in which socially and economically disadvantaged individuals (1) hold a majority of the voting stock or (2) hold a majority of seats on the board of directors and the community the institution serves is predominantly minority.
What's New: The Fed said its MDI definition now recognizes women's depository institutions and will provide these institutions with the same resources under its Partnership for Progress program.
Who it Includes: "Women's depository institutions" include those in which a majority of ownership or revenue is held by at least one woman and a significant percentage of senior management positions are held by women.