Policy Resolution BED-26-13

WHEREAS, Minority Depository Institutions (MDIs) are banks and credit unions that serve minority and other underserved communities;

WHEREAS, the Federal Deposit Insurance Corporation (FDIC) defines Minority Depository Institutions (MDIs) as FDIC-insured commercial banks or savings associations in which either (1) fifty-one percent (51%) or more of the voting stock is owned by minority individuals with U.S. citizenship or permanent legal status, or (2) a majority of the board of directors is minority and the institution serves a predominantly minority community;

WHEREAS, the National Bankers Association (NBA) is the leading organization in the United States representing MDIs and the NBA supports banks that serve underserved and low- to-moderate-income communities across 43 states and territories;

WHERAS, MDIs are vital for economic development in minority and other underserved communities by providing access to credit, supporting small businesses, and offering financial education, thereby helping to reduce racial wealth gaps; and

WHEREAS, FDIC-insured MDIs in the United States totaled 148 institutions with combined total assets of almost $350 billion and 35,827 employees as of December 31, 2023.

THEREFORE BE IT RESOLVED, that the National Black Caucus of State Legislators (NBCSL) will work with its partners in government, private sector, and non-profits to recognize and expand MDIs for the purpose of serving minority and other underserved communities by increasing minority homeownership, reducing debt load, providing student loans, and increasing access to capital in minority and underserved communities;

BE IT FURTHER RESOLVED, that the NBCSL encourages federal, state, and local governments to leverage government resources and utilize minority depository institutions to expand lending in minority and underserved communities; and

BE IT FINALLY RESOLVED, that a copy of this resolution be transmitted to the President of the United States, the Vice President of the United States, members of the United States House of Representatives and the United States Senate, and other federal and state government officials as appropriate.

• Resolution ID: BED-26-13
• Sponsored by: Rep. Dontavius L. Jarrells (OH) and Sen. James Sanders Jr. (NY)
• Policy Committee: Business and Economic Development Policy Committee