Alabama - Apply for MSDP (Minority Bank Deposit Program)

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Procedure

Apply By Mail

1. To Apply for MSDP (Minority Bank Deposit Program), the applicant has to mail the application to the U.S. Department of the Treasury’s Bureau of Fiscal Service link
2. The applicant must check on the eligibility that are mentioned in the “Eligibility” section of this page.
3. Once the applicant meets the eligibility requirements, the applicant can download Form 3144, "Certification Form for Admission" from the following link
4. The applicant has to fill in all the necessary details in the application form.
5. The applicant has to make sure to attach all the necessary documents that are mentioned in the “Required Documents” section of this page.
6. The applicant has to attach the photocopies of the required documents along with the application form while submitting.
7. Mail the completed form and the necessary documents to Bureau of Fiscal service.
8. The Mailing address is mentioned in “Office Location & Contacts” section of this page.
9. The Fee for this procedure has to be paid as per the authority’s request.
10. The concerned officers will examine the application for completeness and accuracy.
11. Once all the verification process is done by the authority, the applicant receives a notification through a mail.
12. The processing time for this procedure is up to 15-30 days.

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Required Documents

• Institution registration document
• Shares document
• Ownership document
• Duly Sealed and filled Application form link

Office Locations & Contacts

Mailing Address
US Department of the Treasury
Bureau of the Fiscal Service
401 14th Street, SW — Room 314
Washington, DC 20227
Email: [email protected]
Phone: 202-874-9604
Contact link
MSDP State Participants link

Note: The applicant can contact MSDP State Participants for further enquiries.

Eligibility

The eligibility requirements for participation in the Minority Bank Deposit Program (MBDP) are as follows:

• All institutions:Each member of a minority or women’s group having control or ownership of the institution is either a U.S. citizen or a U.S. resident.
• Minority Banks and Stock Saving and Loans:
  • Ownership: More than 50 percent of the outstanding stock must be owned by members of minority groups; or
  • Control: A financial institution must be able to demonstrate that minorities hold, by means of voting trust and/or proxy agreements, enough shares so that when added to the shares owned by minorities, minorities control over 50 percent of the outstanding stock for voting purposes.
• Women’s Banks: More than 50 percent of the outstanding stock must be owned by women, a majority of the Board of Directors must be women, and a significant percentage of senior management positions must be held by women.
• Mutual Savings and Loans: A majority of the Board of Directors must be members of minority groups.
• Women’s Stock Savings and Loans: More than 50 percent of the outstanding stock must be owned by women, a majority of the Board of Directors must be women, and a significant percentage of senior management positions must be held by women.
• Women’s Mutual Savings and Loans: A majority of the Board of Directors must be women, and a significant percentage of senior management positions must be held by women.
• Low-income Credit Unions: All financial institutions must be designated low-income by the National Credit Union Administration (NCUA).

If a minority or women's certification includes stock held by corporations, partnerships, trusts, etc., the financial institution must certify that each such entity is minority owned or controlled, or in the case of women's institutions owned, controlled, and operated by women.

Fees

• The fee for this procedure has to be paid as per the authority’s request.

Validity

• The validity of MSDP (Minority Bank Deposit Program) is one year. The applicant must renew their listings every year.

Documents to Use

• Application form link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing time for this procedure is up to 15 – 30 days.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicant must complete the application form before submitting. Incomplete applications will not be accepted.
• Applicant must provide genuine information while applying for this procedure.
• The application is not valid without seal.

Required Information

• Institution Name
• Address
• City
• State
• Zip Code
• Telephone No.
• Fax No.
• E-mail
• Routing and Transit Number (ABA *)
• Total Shares
• Total Minority Shares
• Percentage of Minority Ownership
• Bank or Notary Public seal
• Signature
• Date

Need for the Document

• Through the Minority Bank Deposit Program (MBDP), the Bureau of the Fiscal Service (Fiscal Service) supports the strengthening and preservation of minority-owned banks, women-owned banks, and credit unions that serve low-income communities.

Information which might help

For more information link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

The Bureau of the Fiscal Service:

• Ensures a financial institution is eligible to participate.
• Keeps the list of participating financial institutions.
• Publishes the list on this website.
• Distributes the list periodically to federal agencies, interested state and local government agencies, and private sector companies.
• Networks with other agencies and associations to promote the program and program participants.
• Works to match eligible participants with available mentors upon application to the Mentor-Protégé program.
• reminds financial institutions on the list of the due date for their yearly recertification.