NBA Responds to Launch of FDIC Mission-Driven Bank Fund
WASHINGTON, D. C. – Today, the National Bankers Association (NBA) released the following statement regarding the launch of the Mission-Driven Bank Fund by the Federal Deposit Insurance Corporation (FDIC).
“The NBA supports the launch of the FDIC Mission Driven Fund, which we believe will provide an ideal mechanism to help close the capital gap for Minority Depository Institutions (MDIs). For nearly a century, our institutions have served the communities hardest hit by economic stressors and, most recently, the ongoing pandemic. Capital is the lifeblood of any banking institution, which is even more significant for MDIs. The lack of capital to date has hampered the abilities of MDIs to grow and offer sufficient assistance to small businesses and everyday citizens. We believe investments in our institutions will profoundly and positively impact the communities we serve.
Together with our member banks, we look forward to working with the FDIC and the Fund’s founding investors to ensure the available resources are put to the most effective use. This includes substantive investments that will help our institutions provide minority communities improved financial service experiences through technology. We strongly encourage the selection of a Fund Manager with deep knowledge of minority communities and sensitivity to the challenges historically faced by MDIs.”