WASHINGTON: The Federal Deposit Insurance Corporation (FDIC) today announced Russell Lau, the Chairman and Chief Executive Officer of Finance Factors, Ltd in Honolulu, is the newest member of the agency’s Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking. The FDIC’s MDI Subcommittee serves as a source of feedback for FDIC strategies to fulfill its statutory goals for MDIs; provides a platform for MDIs to promote collaboration, partnerships, and best practices; and identifies ways to highlight the work of MDIs in their communities.
On May 23, 2022, the MDI Subcommittee will meet in open session to share insights into key challenges and opportunities facing their communities and financial institutions and to spotlight MDI strategic planning and succession management activities. FDIC senior staff will also provide an update on the Current Expected Credit Losses methodology and timetable. Following the public meeting, MDI Subcommittee members will provide feedback on the FDIC’s strategies to preserve and promote MDIs to include recent research and the creation of the Office of Minority and Community Development Banking, as well as to receive a briefing on the recent proposed rule regarding the Community Reinvestment Act Modernization.
Mr. Lau joins the following members on the FDIC’s MDI Subcommittee:
- Deron Burr, President & CEO, People’s Bank of Seneca, Seneca, Missouri
- Kyle Chavis, CEO & Chief Credit Officer, Lumbee Guaranty Bank, Pembroke, North Carolina
- Warren Huang, General Counsel, Amerasia Bank, Flushing, New York
- Benjamin Lin, President & CEO, Pacific Alliance Bank, Rosemead, California
- Alden J. McDonald Jr., President & CEO, Liberty Bank & Trust Co., New Orleans, Louisiana
- Gilbert Narvaez Jr., President & CEO, Falcon International Bank, Laredo, Texas
- Angel Reyes, President & CEO, Centinel Bank of Taos, Taos, New Mexico
- James H. Sills III, President & CEO, M&F Bank, Durham, North Carolina
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