Industry groups form partnership to promote minority-run banks
The American Bankers Association and the National Bankers Association have formed a strategic partnership to support minority banks.
The associations said in a press release Wednesday that they will collaborate on advocacy efforts. Members of the National Bankers Association, which represents minority banks, will gain access to the American Bankers Association’s training and education programs.
The American Bankers Association will also encourage its members to join the National Bankers Association as affiliate members.
The National Bankers Association, formed in 1927, lists 22 members on its website.
“We are honored to strengthen our ties with NBA at this important moment for our industry,” Rob Nichols, the American Bankers Association’s president and CEO, said in the release.
“This effort will be mutually beneficial to both organizations and the industry,” said Kenneth Kelly, the National Bankers Association’s chairman.
The partnership comes at a time when all banks are navigating a severe economic downturn imposed by the coronavirus outbreak. The Commerce Department said Wednesday that gross domestic product fell at a 4.8% annual rate in the first quarter, representing the first decline since 2014 and the steepest contraction since the financial crisis.