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This edition of Community Developments Investments reviews how minority depository institution (MDI) collaborations with large and midsize banks can be profitable for the parties involved and help MDIs fulfill their missions and serve customers in a rapidly evolving industry.
Banks may receive Community Reinvestment Act (CRA) consideration from partnerships with other financial institutions, including those with minority- and women-owned financial institutions and low-income credit unions.
The National Community Investment Fund (NCIF), a nonprofit organization, has invested in mission-oriented banks, including MDIs. To encourage high-impact projects, the NCIF provides metrics and information that banks can use to analyze potential partnerships, projects, and investments.
The Citi Community Automated Teller Machine (ATM) Network allows customers of Continental Bank and several other community banks to use—without paying out-of-network fees—any of Citibank’s 2,400 branch ATMs in cities nationwide.
Texas Capital Bank is collaborating with and providing correspondent banking services to Texas National Bank and other MDIs and community development financial institutions.
A variety of resources is available to help banks interested in developing mutually beneficial partnerships with MDIs that may receive CRA consideration.
Collection: Community Developments Investments
This newsletter’s cover honors this rich heritage with images of (clockwise from top right): Façade of a bank in San Francisco (Alamy); Elouise Cobell, a Native American woman who spearheaded the capital campaign to fund Blackfeet National Bank, predecessor to today’s Native American Bank, N.A. (AP Images); St. Luke Penny Savings Bank employees (National Park Service); Romana Acosta Bañuelos, Latina co-founder of Pan American Bank in East Los Angeles, Calif. and U.S. Treasurer (1971-1974), pictured with James A. Conlon, Director, Bureau of Engraving and Printing (1967-1977) (Bureau of the Public Debt); Freedman’s Savings and Trust Co. passbook (U.S. Department of the Treasury); Maggie L. Walker, the first African American woman to charter a U.S. bank and founder of St. Luke Penny Savings Bank (National Park Service); Frederick Douglas, the first president of Freedman’s Bank, the first black-owned bank (Shutterstock).
Call (202) 649-6420 or email email@example.com. This and previous editions are available on the OCC's website at www.occ.gov/communityaffairs.
Articles by non-OCC authors represent the authors’ own views and not necessarily the views of the OCC.