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Board Action Memorandum - Final Interpretive Ruling and Policy Statement (IRPS) 13-1, Minority Depository Institution Preservation Program

TO: The NCUA Board

FROM: Office of Credit Union Resources and Expansion (CURE)

DATE: February 5, 2024

SUBJ: Final Interpretive Ruling and Policy Statement (IRPS) 13-1, Minority Depository Institution Preservation Program

ACTION ITEM: The NCUA Board’s approval of the final IRPS 13-1 for publication in the Federal Register.

DATE ACTION REQUESTED: February 15, 2024

OTHER OFFICES CONSULTED: Office of Executive Director, Office of General Counsel, Office of External Affairs and Communications, and the NCUA Regional Offices.




RESPONSIBLE STAFF MEMBERS: Pamela Williams, Minority Depository Institutions (MDI) Program Manager, CURE; Elizabeth Wirick, Senior Staff Attorney, Office of General Counsel.

SUMMARY: The NCUA is amending IRPS 13-1 to reflect the transfer of the MDI Preservation Program administration to CURE, update program features, and clarify the requirements to receive and maintain an MDI designation.

At its June 22, 2023, open meeting, the Board approved proposed changes to IRPS 13-1, which was published in the Federal Register for a 60-day comment period. Agency staff reviewed comments received and incorporated changes as warranted into the attached final IRPS 13-1.

The final IRPS 13-1 reflects changes to the agency’s structure and clarifies the NCUA’s policy on MDI preservation. It also reorganizes and streamlines the policy to improve readability. The primary content revisions include:

  • Incorporating recent program initiatives such as the consulting and support program for MDIs and providing examples of technical assistance an MDI may receive.
  • Including subsections on engagement with MDIs, technical assistance, examination of MDIs, Community Development Revolving Loan Fund grants and loans, training and education, and preservation of MDIs.
  • Reasserting the standard for MDIs to periodically assess their designation and updating how the NCUA will review an MDI’s designation status to reflect it will be part of the examination process.
  • Simplifying “community it services, as designated in its charter” to refer to an MDI’s field of membership.
  • Specifying that “Asian American” includes Native Hawaiian or Other Pacific Islander, and “Native American” includes American Indian and Alaska Natives.
  • Clarifying the simplified process for a small credit union to determine whether it qualifies as an MDI and that “small entity” means a “small credit union” as defined by the NCUA.
  • Adding new sections that address comments to the agency, the agency’s annual congressional reporting on MDIs, and the availability of the list of MDIs from the NCUA website.

RECOMMENDED ACTION: NCUA Board approval of the attached final IRPS 13-1 for publication in the Federal Register.

ATTACHMENT: Final Interpretive Ruling and Policy Statement 13-1.

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