Minority Bank Deposit Program

Overview

The Minority Bank Deposit Program (MBDP) is a voluntary program created to encourage greater participation by minority and women-owned financial institutions and credit unions serving low-income communities as depositaries and financial agents. The Bureau of the Fiscal Service (formerly Financial Management Service) certifies eligibility for participation, and maintains and publishes the roster of participating financial institutions. The roster is distributed periodically to federal agencies, interested state and local government agencies, and private sector enterprises.

The MBDP evolved from Executive Order 11458 which established a national program supporting minority business enterprise. It was later expanded to include provisions supporting the increased use of minority-owned banks, women-owned banks and limited-income credit unions. The Bureau of the Fiscal Service (Fiscal Service) has operational responsibilities for the program.

To remain active in the program, all financial institutions must be recertified annually and are then placed on the roster of eligible participants. Each qualifying financial institution is notified by the Fiscal Service prior to the due date for recertification as to the deadline for submitting their application. Financial institutions may utilize the on-line application or submit the MBDP application Form 3144 to be recertified. After being approved, each qualifying financial institution receives a formal acceptance letter confirming their membership in the progSram. Financial institutions are required to notify the Fiscal Service if there is any change in their status that could affect their eligibility in the MBDP.

Updates

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Updated March 14, 2014
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  Related Resources

 

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  • Minority-Owned Banks - FRB report reflecting total assets and total deposits of minority-owned banks
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