The National Bankers Association announced a new initiative to close the racial wealth gap in America. The National Bankers Community Alliance is a 501(c)(3) nonprofit affiliate of the NBA that will provide programs and services to support Minority Depository Institutions and the communities they serve.
To support its member banks with this challenge, the NBA launched the Alliance with a Four Pillar framework: financial wellness, technical assistance, research and impact assessment, and capital aggregation and collaboration.
A 2019 FDIC Survey of Consumer Finances showed that white families have the highest level of both median and mean family wealth: $188,200 and $983,400, respectively. Black and Hispanic families’ median and mean wealth is less than 15% that of white families, at $24,100 and $142,500, respectively.
Millions of Black and Brown families do not have a bank account or access to mainstream financial services. Minority banks are at the center of wealth creation in these communities.