For a federally insured credit union to qualify for an MDI designation, more than 50 percent of its current members, potential members, and current board members must be Asian American, Black American, Hispanic American, or Native American.
NCUA offers training, technical assistance, and a mentoring program and for low-income-designated MDIs, grants and loans.
To become an MDI, a credit union must self-designate as an MDI using the online Credit Union Profile and respond “yes” to both “Minority Depository Institutions Questions” in the Profile.
The NCUA’s MDI Preservation Program is designed to preserve and promote eligible minority credit unions as prescribed by Section 367 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Credit unions designated as minority depository institutions provide safe, affordable financial services to members and communities who are often unserved or underserved by financial institutions More information on MDIs can be found on NCUA’s website.