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Federal Activities: On March 6, the U.S. Senate passed a $1.9 trillion COVID-19 relief package, which will now head back to the U.S. House of Representatives for approval. The stimulus package includes a provision that would end the current policy of considering any student debt forgiven taxable income. Currently, any student loan debt canceled by the government can be considered taxable and levied at the borrower’s normal income tax rate. For more information, click On March 5, the Federal Reserve Board clarified guidance relating to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress program. By law, the term “minority” means any Black American, Native American, Hispanic American, or Asian American. The definition of MDI is consistent with the statutory definition of “minority bank,” and states that an MDI deno

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