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News Release 2008-113 | September 24, 2008

OCC Updates Policy Statement On Minority-Owned National Banks

WASHINGTON — The Office of the Comptroller of the Currency announced today it has reissued its Policy Statement on Minority-Owned National Banks. The updated statement replaces a 2001 policy statement.

"We reissued the statement in part to update it and take account of changes in the business environment in which minority national banks operate," said Comptroller of the Currency John C. Dugan. "But I also wanted to reissue the statement to reaffirm my own commitment – and that of the OCC – to minority-owned institutions. These banks provide vital services to minority communities, and the OCC is strongly committed to supporting them."

While the OCC is not subject to Section 308 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, the policy statement represents the OCC’s commitment to uphold the spirit of that law, which is intended to preserve and promote minority banks.

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