News Release 2006-140 | December 21, 2006
OCC Publishes Newsletter on Minority-Owned Financial Institutions
WASHINGTON — The Office of the Comptroller of the Currency today released the Winter 2006/2007 edition of its Community Developments newsletter focusing on minority-owned financial institutions and the strategies many employ to serve their niche markets.
“Minority-owned financial institutions are an important part of the fabric of American banking today,” said John C. Dugan, Comptroller of the Currency. “By investing in minority-owned financial institutions, national banks can receive positive consideration under the Community Reinvestment Act while providing needed capital to these vital community institutions.”
This edition of Community Developments includes articles from leaders of four minority-owned national banks who describe their successes as well as the challenges they face in serving their markets. It discusses ways in which majority- and minority-owned banks can partner to serve their communities as well as information on how minority-owned banks can participate in the U.S. Treasury Department’s Minority Bank Deposit and Community Development Financial Institution Fund programs. The newsletter also discusses how majority-owned national banks can receive positive consideration under the Community Reinvestment Act for loan participations, capital investments, and other ventures undertaken in conjunction with minority-owned financial institutions.
Kevin M. Mukri