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Dec 14, 2021

The National Bankers Association Applauds U.S. Treasury's Emergency Capital Investment Program Funding Announcement

WASHINGTON, D. C. – Today, the National Bankers Association released the following statement regarding Secretary of the Treasury Janet L. Yellen and Vice President Kamala Harris’ announcement at the 2021 Freedman’s Bank Forum.

The National Bankers Association (NBA) is thankful that the U.S. Treasury Department today released $8.7 billion, which will support Minority Depository Institutions (MDI) and Community Development Financial Institutions in their efforts to help minority-owned businesses and low- to moderate-income communities.

"This is an unprecedented investment in minority-owned and -operated banks and the communities they serve," said NBA President and CEO Nicole Elam. "While we are pleased that 57 MDIs will receive just over $3B, we must acknowledge that all MDIs were not eligible to participate in the program. The NBA encourages the Federal Deposit Insurance Corporation's Mission-Driven Bank Fund, the MDI Keepers Fund, and large banks that have yet to invest capital in MDIs to look at those excluded to create even more opportunities in the future. Closing the racial wealth gap is a significant task that requires the inclusion and funding of all MDIs."

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