|Fed Program to Assist Minority, Young Banks
Partnership for Progress, an outreach program recently launched by the Federal Reserve System, is designed to help minority-owned and de novo financial institutions (those less than five years old) confront their unique challenges, cultivate safe and sound practices, and compete more effectively.
The program focuses on three stages of a bank's life cycle: "Start a Bank," "Manage Transition," and "Grow Shareholder Value." Topics covered by the program include credit and interest rate risk, capital and liquidity, and banking regulations. The program offers one-on-one guidance, workshops, and an extensive interactive Web-based resource and information center, including online courses to ensure broad access.
Maintaining banks' "vital role"
Range of stakeholders supplied input
The Federal Reserve Bank of Philadelphia led the development of the program. Key concepts from the program will be incorporated into the Federal Reserve System's bank examiner training to deepen understanding of the issues unique to minority-owned institutions.
June 30, 2008