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WASHINGTON, D. C. – Today, National Bankers Association (NBA) President and CEO Nicole Elam released the following statement in response to the U.S. House of Representatives' passage of the Financial Services Racial Equality, Inclusion, and Economic Justice Act (H. R. 2543), legislation with significant implications for our nation's Minority Depository Institutions (MDIs).

The passage of the Financial Services Racial Equality, Inclusion, and Economic Justice Act is a major victory for all minority-owned and -operated banks, which are often banks of last resort for consumers and businesses underserved by traditional banks  and financial service providers. The vote marks another milestone in the NBA's 95-year history of fearlessly advocating for economic inclusion and revitalization for Black, Hispanic, Asian, Pacific Islander, and Native American communities.

Provisions for much-needed diversity and inclusion considerations in regulatory and investment activity, technical assistance, and federal deposits are undoubtedly positive steps towards preserving and protecting MDIs.

We commend congresswoman Maxine Waters, Chairwoman of the House Committee on Financial Services, for her instrumental leadership in the inclusion of several provisions across multiple relief packages and her commitment to ensuring MDIs and historically excluded business owners and families are not forgotten.

NBA urges the Senate to pass this legislation and provide MDIs the transformational opportunities to survive and thrive.