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Consumers looking for a financial institution that offers affordable, federally insured services and that tailors its products and services to the needs of minority members and communities can consider joining a credit union designated as a minority depository institution (MDI).

The National Credit Union Administration defines an MDI as a federally insured credit union in which a majority of its current members, its board of directors, and the community it services, as designated in its charter, fall within any of the eligible minority groups as defined in federal law: Black American, Asian American, Hispanic American, or Native American.

These credit unions serve people and communities who have often been underserved by the financial industry, and they work to understand the financial service needs of their communities. They share the same cooperative, member-owned business model and federal insurance coverage of other credit unions.

The NCUA has a fact sheet summarizing the role of MDI credit unions on its website, and you can also find a list of MDI credit unions, updated quarterly. In addition, you may use one of the agency’s search engines, Research a Credit Union or Credit Union Locator, which both have filters to find an MDI credit union.