Federal Reserve Develops Training Program for Minority-Owned Banks
The Federal Reserve is developing a comprehensive training program for minority-owned banks that will be introduced in 2008, said Sandra Braunstein, director of the Federal Reserve Board of Governors Division of Consumer and Community Affairs.
The program reflects the Fed's experience in helping minority-owned institutions and incorporates insights from the 2006 report on minority-owned banks issued by the Government Accountability Office.
The Fed's training and technical assistance program will be accessible through various means: classroom-style workshops, computer-based programs, and an online resource and information center, Braunstein explained. Her remarks came during Oct. 30 testimony before the U.S. House Subcommittee on Oversight and Investigations, which is part of the House Committee on Financial Services.
Covering the evolution of a bank
Across the United States, about 200 minority-owned depository institutions serve a broad range of communities. Many of the banks offer credit and financial services in traditionally underserved markets, Braunstein noted. The institutions have diverse ownership, including African-American, Native American, Asian, and Hispanic owners.
Program is part of the Fed's ongoing community work
"We are dedicated to using our roles as supervisors, regulators, community development facilitators, and consumer educators to support the minority-owned institutions and other organizations that contribute to our robust financial services system—and the consumers who are vital to that system's success," Braunstein said.
November 13, 2007