FDIC Federal Register Citations

March 4, 2002

Robert E. Feldman
Executive Secretary
Attn: Comments/OES
FDIC
550 17th Street, NW
Washington, DC 20429

RE: Policy Statement Regarding Minority-Owned Depository Institutions

Dear Mr. Feldman:

The North American Native Bankers Association applauds the FDIC's proposed revisions to its policy statement regarding minority-owned depository institutions. We are particularly encouraged by the revisions that include a designated national coordinator for the FDIC's minority-owned institution program as well as the various others measures in the revised statement.

However, we would direct our comments to section 308 of FIRREA and the goal of promoting and encouraging the creation of new minority-owned depository institutions. We note that the revised policy statement, while a big improvement over the existing policy statement, does little or nothing to promote and/or encourage the creation of new minority-owned financial institutions.

At NANBA, we recommend that the FDIC consider hosting an annual conference designed to promote, facilitate and encourage minority ownership of depository institutions. We believe that such a conference will be most efficacious if done within a federal bank regulatory interagency framework and with a commitment to conduct the conference for a two to three year time frame.

In addition to reaching out to the minority communities and encouraging ownership, this conference would be highly educational in nature with regard to assisting attendees in understanding the bank application process and approval requirements. We believe that such a conference, effectively marketed, will result in a significant increase in the number of minority owned financial institutions.
We are pleased to provide our comments with respect to the FDIC's proposed revisions to its policy statement on minority-owned depository institutions. We may be contacted at 703-671-5335.

Thank You,

J.D. Colbert
Executive Director