Federal Reserve Announces National Minority-Owned Bank Program
June 18, 2008
Circular No. 11960

The Federal Reserve System has announced the nationwide launch of Partnership for Progress, an innovative outreach and technical assistance program for minority-owned and de novo institutions. The program seeks to help these institutions confront their unique challenges, cultivate safe and sound practices and compete more effectively in today's marketplace through a combination of one-on-one guidance, workshops and an extensive interactive web-based resource and information center.

In developing the program, Federal Reserve officials met with minority-owned and de novo banks across the country as well as trade groups, bank consultants and state and federal banking agencies to better understand the challenges these institutions face in raising capital, growing their institutions and attracting talent. Key concepts from the program will be incorporated into the Federal Reserve System's examiner training to provide a deeper understanding of the issues unique to minority-owned institutions.

See the press release for full details.

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