1989

FIRREA: Financial Institutions Reform, Recovery, and Enforcement Act

Section 308 of FIRREA established goals that the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS) must work toward to preserve and promote minority financial institutions. Although not required to do so under FIRREA, the Federal Reserve and Office of the Comptroller of the Currency have also taken steps to support these important organizations and these goals.

Section 308 of FIRREA defines minority depository institution as any Federally insured depository institution where 51% or more of the voting stock is owned by one or more socially and economically disadvantaged individuals.

This includes minorities like African Americans, Asian Americans, Hispanic Americans, or Native Americans.

Sources

• http://www.fdic.gov/regulations/laws/rules/5000-2600.html
• http://www.fdic.gov/regulations/resources/minority/sop5-only.pdf

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