The Federal Deposit Insurance Corp. (FDIC) plans to introduce a new online tool designed to help financial institutions, investors, and other interested groups identify neighborhoods that could benefit from banking services.
The agency said the tool will support its statutory mission to promote and encourage the creation of new minority depository institutions by assisting organizing groups within financial institutions in identifying potential business opportunities in areas that may meet the “community served” portion of a minority depository institution (MDI) designation. The tool is intended to support the growth of existing MDIs by highlighting potential new branch locations or advertising opportunities.
“As part of the FDIC’s ongoing commitment to support mission-driven banks, we are pleased to share a tool designed to assist those interested in creating new mission-driven banks or expanding the reach of other institutions,” FDIC Minority and Community Development Banking Director Betty Rudolph said in a press release. “The insights from leaders in the mission-driven banking community remain invaluable and we look forward to working to ensure that the tool remains effective and responsive to their priorities and needs.”
Dubbed the “Minority Banking Opportunity Explorer,” the agency presented the new tool at a meeting of the FDIC’s Minority Depository Institutions (MDI) Subcommittee on Nov. 6. The subcommittee is part of the agency’s Advisory Committee on Community Banking.
The FDIC’s MDI Subcommittee serves offers feedback to the FDIC regarding its strategies for fulfilling its MDI statutory goals and identifies ways to highlight the work of MDIs in the communities they serve. It also provides a platform for MDIs to promote collaboration, partnerships, and best practices.