MDI credit unions promote economic growth, financial security in underserved communities

The NCUA released its annual Minority Depository Institution (MDI) Report to Congress, detailing MDIs’ performance and the agency’s actions to support their efforts. The report highlights that MDI credit unions expanded membership and services in 2023 which in turn has promoted economic growth and financial security in underserved communities. 

According to the report, the number of MDI credit unions under NCUA supervision at the end of 2023 was 492. Those credit unions reported: 

  • More than 6.5 million members, a substantial increase from 5 million at the end of 2022; 
  • Assets of $88.8 billion, up from $64.7 billion in 2022; 
  • Loans outstanding of $59.3 billion, up from $42.2 billion the year before; and 
  • As a group, a net worth ratio and return on average assets higher than the credit union system overall. 

In addition, the 2023 report included MDI success stories documenting how credit unions have helped members secure affordable housing and transportation, reached underserved areas, and provided consumer education to help members manage finances, build savings, reduce debt, and improve credit scores. 

View the NCUA’s full press release on the report and access the report for more information. 

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