The Federal Deposit Insurance Corporation (FDIC) is rolling out a new online tool to help financial institutions, investors, and others to identify neighborhoods that could benefit from banking services.
The tool, called the Minority Banking Opportunity Explorer, supports the FDIC’s mission to encourage the creation of new minority depository institutions. The tool can also support existing MDIs’ growth by identifying 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,” Betty Rudolph, the FDIC’s director, Office of Minority and Community Development Banking, said. “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.”
On November 6, the online tool was presented at a meeting of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking.
The MDI Subcommittee serves to provide feedback for FDIC strategies to fulfill its statutory goals for MDIs. It also provides a platform for MDIs to promote collaboration, partnerships, and best practices and identifies ways to highlight the work of MDIs in their communities.