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Sep 22, 2022

National Bankers Association Applauds the Biden-Harris Announcement of 8.28 Billion in MDIs and CDFIs Investments through the Emergency Capital Investment Program

WASHINGTON, DC – National Bankers Association President and CEO Nicole Elam issued the following statement regarding Vice President Kamala Harris and Secretary of the Treasury Janet L. Yellen’s latest announcement about the Emergency Capital Investment Program."Yesterday, the Biden-Harris Administration affirmed its commitment to advancing racial equity and support for underserved communities by awarding over $8.28 billion of investments to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs) through the Emergency Capital Investment Program (ECIP). This historic investment will undoubtedly increase the financial strength of our communities and keep us moving toward economic justice for all.”

“We applaud U.S. Treasury’s additional ECIP credits that will allow for a more profound impact on small business owners and homebuyers. For 95 years, the National Bankers Association has advocated for opportunities that impact MDIs and the communities they serve. And we must continue to recognize MDIs and CDFIs as the center of wealth creation in communities of color and call for every mission-driven financial institution to receive critical investments, like ECIP, to close the racial wealth gap.”

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