External Outreach and Minority Affairs:
Section 308 of FIRREA
Section 308 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989
requires banking regulatory agencies (FDIC and OTS) to:
- Preserve the present number of minority banks;
- Preserve their minority character of these banks in cases involving mergers or acquisitions of minority banks;
- Provide technical assistance to prevent the insolvency of institutions that are not currently insolvent;
- Promote and encourage the creation of new minority banks; and
- Provide the training, technical assistance and education programs.
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