Members of the Council will support NBA leadership by developing new relationships and partnerships that capitalize, modernize, and strengthen MDIs and the communities they serve
WASHINGTON, D.C. — The National Bankers Association (NBA), the only organization focused on the survival and strengthening of America’s minority depository institutions (MDIs), today announced its new Strategic Advisory Council. The Council will include thought leaders, executives, and cross-industry experts from financial services, corporate, and technology committed to making banking more inclusive and supporting strong, healthy, and financially sound communities of color.
This announcement comes after a year of unprecedented attention and investment in Black- and minority-owned and -operated banks and the communities they serve. According to the FDIC, MDIs combined assets grew more than 15% by the end of 2020. This growth further supports why the new Council members have committed to partnering with the NBA, and in turn, will help drive wealth creation in minority, low- and moderate-income, and rural communities.
“For nearly two years, the country has experienced an unparalleled awakening regarding systemic inequities that perpetuate wealth disparities. I am inspired today by our inaugural Council members for being committed to the movement, and not just the moment, to close the racial wealth gap,” said Nicole Elam, president and CEO of NBA.
The Council includes members from Bank of America, Citi, Fiserv, JPMorgan Chase, Mastercard, Truist, Visa, and Wells Fargo as its inaugural members. Managing director and head of diverse financial institutional engagement at Citi, Harold Butler, will lead the Council.
“I’ve seen the value that MDIs bring to the industry, and most importantly, communities of color, so I am honored to chair the NBA’s Strategic Advisory Council. However, we need to see more leaders from institutions like Citi, open doors and support the minority banking community with equity investments and mentoring,” said Butler.
The trade association hopes to continue adding Council members over the next year as the NBA celebrates its 95th anniversary.
NBA Strategic Advisory Council quotes:
Bank of America Chief Administrative Officer Steve Boland:
“Bank of America joins the National Bankers Association in recognizing the critical role that MDIs play in the communities we serve. Our partnership will build on the investments we have made in MDIs as we work together to drive economic opportunity and prosperity.”
Fiserv Executive Vice President and Head of Corporate Social Responsibility Neil Wilcox: “Our participation in the formation and work of this Council exemplifies our commitment to diversity, equity, and inclusion. We are deeply committed to enabling minority-owned banks to deliver the solutions and services needed to serve their communities better.”
Andrew Guida, Managing Director, Financial Institutions Group, JPMorgan Chase Commercial Banking:
“JPMorgan Chase recognizes the role of MDIs in driving positive change in our communities and closing the racial wealth gap. We’re honored to participate in this Council and build on our long-standing support of MDIs, including our $100 million investment made last year. We look forward to uncovering new ways that the financial services industry can help advance the NBA’s mission and strengthen the foundations of these vital institutions.”
Mastercard Vice President, Public Policy and U.S. Federal Affairs Kendra Brown:
“At Mastercard, we commit to doing well by doing good. We are excited to join with the National Bankers Association to forge innovative ways to ensure minority-owned and -operated banks thrive and continue to grow in impact and financial strength.”
Truist Chief Diversity, Equity, and Inclusion Officer Wendy McSweeney:
“The National Bankers Association plays a crucial role in serving the needs of historically excluded communities and is well-positioned to help fill a gap that fosters growth and creates an opportunity for prosperity. At Truist, we’re committed to creating meaningful change. The partnership with the National Bankers Association is part of our broader strategy to help diverse-focused organizations continue to build, grow and succeed. It’s a direct action that advances our purpose to inspire and build better lives and communities.”
Visa Vice-President, Head of North America, Inclusive Impact & Sustainability Worku Gachou: “Visa is honored to be a member of the National Bankers Association’s new Strategic Advisory Council, as the NBA’s mission aligns closely with our values. We look forward to furthering our long-standing partnership with the NBA to help support minority-owned institutions.”
Wells Fargo Senior Vice President, External Engagement Erica Miles:
“I’m proud to represent Wells Fargo on this important Council and deepen our relationship with the NBA.Wells Fargo is deeply committed to the success of minority depository institutions and just last year made an equity investment in 13 MDIs. This Council presents a great opportunity for Wells Fargo and our industry peers to work together and ideate on how to further invest in and support MDIs, which are a vital part of the communities they serve.”