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Preserving Minority Depository Institutions

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Preserving Minority Depository Institutions Preserving Minority Depository Institutions July 2016 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM Preserving Minority Depository Institutions July 2016 B O A R D O F G O V E R N O R S O F T H E F E D E R A L R E S E R V E S YSTEM This and other Federal Reserve Board reports and publications are available online at www.federalreserve.gov/publications/default.htm. To order copies of Federal Reserve Board publications offered in print, see the Board’s Publication Order Form (www.federalreserve.gov/pubs/orderform.pdf) or contact: Publications Fulfillment Mail Stop N-127 Board of Governors of the Federal Reserve System Washington, DC 20551 (ph) 202-452-3245 (fax) 202-728-5886 (e-mail) [email protected] iii Preface: Implementing the Dodd-Frank Act The Board of Governors of the Federal Reserve of the implementation initiatives completed by the System (Board) is responsible for implementing Board as well as the most significant initiatives the numerous provisions of the Dodd-Frank Wall Street Board expects to address in the future.1 Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). The Dodd-Frank Act requires, among other things, that the Board produce reports to Congress on a number of topics. 1 Board of Governors of the Federal Reserve System, “About The Board maintains a Regulatory Reform website, Regulatory Reform” www.federalreserve.gov/newsevents/ reform_about.htm; “Implementing the Dodd-Frank Act: The which provides an overview of regulatory reform Federal Reserve Board’s Role,” www.federalreserve.gov/ efforts implementing the Dodd-Frank Act and a list newsevents/reform_milestones.htm. v Contents Abbreviations ............................................................................................................................ 1 Executive Summary ................................................................................................................. 3 Section 308 of FIRREA ........................................................................................................ 5 State-Member MDIs .............................................................................................................. 7 Geographic Dispersion ................................................................................................................ 7 Minority Ownership Type ............................................................................................................. 8 Partnership for Progress Program ...................................................................................... 9 Preserving the Character and Number of MDIs ............................................................................. 9 Promoting the Creation of MDIs ................................................................................................... 9 Providing Technical Assistance on Emerging Issues .................................................................... 10 Training, Technical Assistance, and Educational Programs .......................................................... 10 2015 Interagency MDI Conference .................................................................................. 11 Partnership for Progress Website ............................................................................................... 11 Workshops ............................................................................................................................... 11 Publications .............................................................................................................................. 11 Research on Low- and Moderate-Income Communities .......................................... 13 Collaboration with Trade Groups ................................................................................................ 14 District Coordinator Continuing Education .................................................................................. 14 Conclusion ................................................................................................................................ 15 Appendix A .............................................................................................................................. 17 1 Abbreviations BS&R Banking Supervision and Regulation FIRREA Financial Institutions Reform, Recov- (Federal Reserve Board Division) ery, and Enforcement Act of 1989 CDFI Community Development Financial FRB Federal Reserve Bank Institution LMI Low- and moderate-income CRA Community Reinvestment Act MDI Minority depository institution DCCA Consumer and Community Affairs PFP Partnership for Progress (Federal Reserve Board Division) FDIC Federal Deposit Insurance Corporation 3 Executive Summary The Board submits this report pursuant to sec- and technical assistance activities. Throughout 2015, tion 367 of the Dodd-Frank Act. This section staff from the Board as well as staff from each of the requires the Board to submit an annual report to the 12 Federal Reserve Banks (FRBs) engaged in activi- Congress detailing the actions taken to fulfill require- ties to support MDIs. Highlights of those activities ments outlined in section 308 of the Financial Insti- included tutions Reform, Recovery, and Enforcement Act • collaborating with the Office of the Comptroller of (FIRREA) of 1989, as amended by the Dodd-Frank the Currency (OCC) and the Federal Deposit Act. In addition to the annual reporting requirement, Insurance Corporation (FDIC) in holding a bian- FIRREA section 308 requires the Federal Reserve nual interagency conference to help promote and System (System) to devote efforts toward preserving preserve MDIs; minority ownership of minority depository institu- tions (MDIs). Comments on the System’s efforts to • providing technical assistance to MDIs on a wide fulfill the requirements of FIRREA section 308 are variety of topics, including topics focused on IT included in the 2008 through 2012 annual reports of and cybersecurity, interest rate risk, regulatory the Board to the Congress. However, beginning with updates, capital planning and capital rules, BSA/ the 2013 report the Federal Reserve issues the annual AML issues, third-party vendor management, report in separate form to align Board practice with CRA, and regulatory application processes; that of the other agencies with section 367 responsibilities. • hosting a webinar training for board of directors of MDIs; and Throughout 2015, the System supervised 18 MDIs, • maintaining a public website, which provides a full which collectively represented approximately 2 per- menu of banking resources--including regulatory cent of the 836 community banks in the System’s guidance--relevant to MDIs.2 community banking organizations portfolio. To sup- port these institutions and to accomplish minority depository-related FIRREA goals, the System con- 2 For details on the Partnership for Progress program and the tinues to dedicate resources to engage in outreach range of available resources, see www.fedpartnership.gov. 5 Section 308 of FIRREA The System’s PFP program was established in 2008, (G) Any other bidders. before required by law, because the System recog- (3) nized the importance of MDIs and wanted to take Providing technical assistance to prevent steps to preserve and promote these institutions. The insolvency of institutions not now insolvent. System supports an inclusive financial system and (4) Promoting and encouraging creation of new understands the challenges inherent in providing minority depository institutions. access to credit and other financial services in tradi- tionally underserved areas. As such, the System (5) Providing for training, technical assistance, remains committed to identifying additional oppor- and educational programs. tunities to support the preservation of these organi- (b) DEFINITIONS.—For purposes of this zations. Further, section 308 of FIRREA, as section— amended by the Dodd-Frank Act, requires: (1) MINORITY FINANCIAL INSTITU- (a) CONSULTATION ON METHODS.—The Sec- TION.—The term “minority depository retary of the Treasury shall consult with the institution” means any depository institution Chairman of the Board of Governors of the that— Federal Reserve System, the Comptroller of the Currency, the Chairman of the National Credit (A) if a privately owned institution, 51 per- Union Administration, and the Chairperson of cent is owned by one or more socially the Board of Directors of the Federal Deposit and economically disadvantaged Insurance Corporation on methods for best individuals; achieving the following: (B) if publicly owned, 51 percent of the stock (1) Preserving the present number of minority is owned by one or more socially and eco- depository institutions. nomically disadvantaged individuals; and (2) Preserving their minority character in cases (C) in the case of a mutual institution, the involving mergers or acquisition of a minor- majority of the Board of Directors, ity depository institution by using general account holders, and the community preference guidelines in the following order: which it services is predominantly (A) Same type of minority depository insti- minority. tution in the same city. (2) MINORITY.—The term “minority” means (B) Same type of minority depository institu- any black American, Native American, His- 3 tion in the same State. panic American, or Asian American. (C) Same type of minority depository institu- In addition, section 367 of the Dodd-Frank Act tion nationwide. amended FIRREA to require the supervisory
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