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–fail to 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.
Today, the National Bankers Association and minority bank representatives will meet with Members of the U.S. House Financial Services Committee and Senate Banking Committee to discuss the following:
Support in urging federal regulators to protect all deposits for the next two years at minority and community banks and support in amplifying that MDIs are safe;
Urging the government and corporate America to make deposits in MDIs;
Response by regulators to bank closures and increasing the deposit insurance fund (DIF);
MDIs’ impact on minority and low-to-moderate-income communities during and after the pandemic; and
Views on policy priorities like utilization of the Emergency Capital Investment Program, CDFI Certification, and MDI/CDIF tax investment credits.
Founded in 1927, the National Bankers Association is the voice for the nation’s Minority Depository Institutions (MDIs). No other trade association is focused solely on the priorities, federal advocacy, and representation of minority-owned and -operated banks. Members include Black, Hispanic, Asian, Pacific Islander, Native American, and women-owned and -operated banks. MDIs are located across 28 states and the District of Columbia, Puerto Rico, and Guam.
For more information, visit nationalbankers.org.
