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NCUA Releases Annual Report on MDIs to Congress

The NCUA released its Annual Report to Congress on Minority Depository Institutions (MDIs).

According to the NCUA, MDIs reported growth rates in membership, assets, and lending that exceeded those of the credit union system overall in 2023. One particular data point shows MDIs increased payday alternative loans, which as the NCUA points out, is an important option for borrowers who might otherwise have to turn to predatory lenders.

The NCUA supervised 492 MDI credit unions at the end of 2023. 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
  • As a group, a net worth ratio and return on average assets higher than the credit union system overall

According to the NCUA, 18 credit unions in DC, 10 in Maryland and 2 in Delaware are designated as MDIs.

Read the full report here.

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