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.

The newsletter can be accessed on the OCC Web site at http://www.occ.treas.gov/cdd/winter06/cd/index.html.

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The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving the banking needs of their customers in the best possible manner.  OCC press releases and other information are available at http://www.occ.gov.  To receive OCC press releases and issuances by email, subscribe at http://www.occ.gov/listserv.htm.