Four in ten Black adults and three in ten Hispanic adults are unbanked or underbanked, with 22% of unbanked households stating they don't have enough money to meet minimum balance requirements. In addition, there is still a significant racial wealth gap, with the median household income of White Americans almost twice that of African Americans and 30% higher than Hispanic Americans.
That's why the work of the National Bankers Association (NBA) and the National Bankers Association Foundation (formerly known as the National Bankers Community Alliance) is so crucial. The National Bankers Association was founded in 1927 to preserve and promote the vital role of Minority Depository Institutions (MDIs), which work within their communities to serve those often underserved by large corporate banks. Focusing on the industry concerns most relevant to Black Americans, Asian Americans, Hispanic Americans, Native Americans, and women; the NBA works collaboratively to eliminate the racial wealth gap.
The name change from the National Bankers Community Alliance to the National Bankers Association Foundation enables even great alignment and broader recognition of the synergies between our two organizations, thereby amplifying our message of eliminating the racial wealth gap. When the National Bankers Association Foundation was founded two years ago, we were tasked with the mission of working alongside the parent organization to support MDIs and the communities they serve in four key areas:
FINANCIAL WELLNESS
o We support asset accumulation and sustainability by delivering innovative financial programs, training, and services to traditionally excluded and underserved households, small businesses, and nonprofits.
ENTREPRENEURSHIP & SMALL BUSINESS
o Our capacity-building services and access to capital programs for minority-owned and women-owned businesses help to advance entrepreneurship and small business ownership as an asset-building tool.
RESEARCH & IMPACT ASSESSMENT
o Leveraging market-level social and economic impact data, we identify the root causes of disparity and inform the development of responsive products, services, and policies.
COLLABORATION & CAPACITY
o Collaborative capital approaches enable us to support large-scale, high-impact projects and advance operational efficiencies through shared resources.
The National Bankers Association Foundation has proudly raised over $11 million to support our mission. We are committed to building on our progress and expanding our reach to more communities. As we continue to work with passion and purpose, our name change brings us one step closer to realizing our ultimate goal: eliminating the racial wealth gap and advancing equity. If you are interested in supporting the vital work of our organizations, please click here.
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