Mar 21, 2023
With the closures of Silicon Valley Bank (SVB) and Signature Bank, the National Bankers Association and bank representatives will meet with Members of the U.S. House Financial Services and Senate Banking Committees to discuss legislative priorities.
In light of the recent bank closures, the National Bankers Association’s advocacy for minority depository institutions (MDIs) is more crucial than ever. “The closures of both SVB and Signature Bank have led to deposit flights and eroding public trust in the financial institutions that have historically served communities of color and small businesses. Deposits moving into banks that are seen as too big to fail threaten the survivability of minority and community banks. To combat this, we are calling for deposit insurance safeguards and increased protection of deposits,” said Nicole Elam, President and CEO of the National Bankers Association.