PARTNERSHIP FOR PROGRESS

Partnership for Progress is a Federal Reserve System program created to preserve and promote minority-owned institutions and enhance their ability to thrive in an increasingly competitive banking environment... In June 2007, the Board of Governors of the Federal Reserve System implemented the Partnership for Progress (PFP) program to preserve and promote Minority Depository Institutions (MDI) and enhance their ability to thrive in an ever increasing competitive banking environment. Successful MDIs assist the communities they serve and help create a more stable banking environment. MDIs are essential to economic development in low to moderate and underserved minority communities. PFP provides assistance to MDIs through problem solving, outreach, regulatory awareness, guidance, and knowledge.