Acting Comptroller Statement Supporting Minority Depository Institutions

News Release 2021-30 | March 9, 2021

WASHINGTON—Acting Comptroller of the Currency Blake Paulson issued the following statement supporting minority-owned banks and thrifts and the Emergency Capital Investment Program.

Minority banks and thrifts play special roles in their communities as trusted providers of credit, capital, and services. They are frequently the economic heartbeat for underserved populations.

Too often these institutions face challenges not of their own making that result in unique obstacles that make capital scarce and operations sometimes more difficult. At the same time, minority banks and thrifts have tremendous strength and exclusive opportunities to do good in traditionally disadvantaged communities.

Treasury’s Emergency Capital Investment Program helps make capital more available for Community Development Financial Institutions and minority banks. That’s a step in the right direction. Making clear that these funds qualify as regulatory capital helps make the most of the program so institutions can maximize its benefits.

The OCC and participants in Project REACh also recognize that as an industry we can do more to promote the vitality of these institutions and, in turn, the communities they serve. That is why we developed the “Pledge to Strengthen Minority Depository Institutions.” The pledge helps minority banks remain vibrant parts of the economic landscape through larger banks’ commitments to additional investment, technical assistance, executive development, and business partnerships. Twenty-one banks have already taken the pledge, and we are eager to see others join.

As a career examiner who spent most of his time focused on community banks, I recognize that the word community is fundamental to what banks are. But, a community is also what the banking industry is, and I am encouraged to see the energy and resolve the banking community is committing to provide everyone fair access to financial services and fair treatment from the banks and thrifts working to create economic opportunity.

Related Links

Media Contact

Bryan Hubbard
(202) 649-6870

IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

2 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

2 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

3 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

3 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

3 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

3 days ago