The National Bankers Association (NBA) is a professional association that advocates on behalf of minority depository institutions (MDI), an institution where 51 percent or more of the voting stock is owned by one or more “socially and economically disadvantaged individuals.” 1 NBA advocates for banking regulations and legislation designed to provide more financial support to MDIs, such as tax credits for investments. 2
Background
The National Bankers Association (NBA) was founded in 1927 as the National Negro Bankers Association by Richard Wright. Wright was the first African-American paymaster in the U.S. Army and the highest-ranking African-American officer to fight in the Spanish-American War. Later in his life, Wright founded the Citizens and Southern Bank and Trust Company. 2
As of 2024, the NBA was also listed as a member of a Steering Board heading the Justice Climate Fund (JCF), a private foundation and “green bank” organization founded by the Community Builders of Color Coalition (CBCC) to finance left-of-center climate-investment projects. 3 4 Other listed members of the JCF steering board include the African American Alliance of CDFI CEOs, the National Association for Latino Community Asset Builders, Inclusiv, the Oweesta Corporation, Opportunity Finance Network, Partners for the Common Good, Community Development Bankers Association, ImpactAssets, the Housing Partnership Network, and Connecticut Green Bank. 4
Advocacy
COVID-19
During the COVID-19 pandemic, the National Bankers Association (NBA) advocated for the Paycheck Protection Program to distribute $16 billion to minority depository institutions (MDIs). 5
Inflation Reduction Act
National Bankers Association (NBA) and Rochdale Capital supported the inclusion of provisions in the 2022 Inflation Reduction Act (IRA) which provided federal financing for weather-dependent energy projects. 6
2025 Policy Priorities
According to the group’s “2025 Policy Priorities,” National Bankers Association (NBA) advocates for expanding the U.S. Department of the Treasury’s 2020 Emergency Capital Investment Program (ECIP) to provide capital to financial institutions in underserved communities as well as loosening the program’s restrictions so that more organizations can access funding. Additional provisions include increasing federal deposits in MDIs through initiatives like the Bureau of Fiscal Service Minority Bank Deposit Program, introducing a tax credit for equity investments into MDIs, introducing an income tax credit for up to $1 million for MDIs with less than $3 billion in total capitalization, and supporting the Secure and Fair Enforcement (SAFE) Banking Act which would federally legalize the use of banks by marijuana companies in states that have legalized the substance. 7
Leadership
Nicole Elam is the CEO of the National Bankers Association (NBA), holding the role since 2021, as well as executive director of the NBA’s sister organization National Bankers Association Foundation. Elam previously worked as vice president and government relations manager at JP Morgan Chase. Prior to this, Elam worked on government and external affairs strategy for ITT Educational Services and as a senior director at the government affairs firm Ice Miller Strategies. 8
Finances
According to its 2023 990 form, the National Bankers Association (NBA) reported a revenue of $2,165,080, $1.5 million of which came from contributions, with expenses of $1,445,906 and total assets of $3,985,515. 9
That year, NBA received funding from the Citi Foundation, the Hive Fund for Climate and Gender Justice, the JPMorgan Chase Foundation, the Robert Wood Johnson Foundation, Robinhood, VISA, the W.K. Kellogg Foundation, the Wells Fargo Foundation, and Woodforest Bank. 5
References
- “Minority Depository Institutions Designation Process.” FDIC. Accessed September 25, 2025. https://www.fdic.gov/sites/default/files/2024-03/fil22024a.pdf.
- Nagle, Courtney. “The Legacy of Richard R. Wright and the National Bankers Association.” NFCC. February 22, 2017. Accessed September 25, 2025. https://www.nfcc.org/blog/the-legacy-of-richard-robert-wright-and-the-national-bankers-association/.
- “Our Work – How We Work.” Justice Climate Fund. Accessed July 14, 2025. https://justiceclimatefund.org/how-we-work/
- “Justice Climate Fund Selected by U.S. Environmental Protection Agency for Clean Communities Investment Accelerator Program.” PR Newswire, April 4, 2024. https://www.prnewswire.com/news-releases/justice-climate-fund-selected-by-us-environmental-protection-agency-for-clean-communities-investment-accelerator-program-302108282.html
- “The National Bankers Association 2023 Annual Report.” National Bankers Association. 2023. Accessed September 25, 2025. https://www.nationalbankers.org/_files/ugd/f6d209_2f296505c13e48a4a8cf511a20debe85.pdf.
- “A Turnkey Model for Leveraging Direct Pay to Advance Solar and Renewable Energy Finance.” The Kresge Foundation. July 19, 2024. Accessed September 25, 2025. https://kresge.org/resource/a-turnkey-model-for-leveraging-direct-pay-to-advance-solar-and-renewable-energy-finance/?fbclid=IwZXh0bgNhZW0CMTAAYnJpZBExT2UyN1R1MGxCaWptWHlsNwEeyMjWKJP2X0pI-LYE–miekYjMi4XlZ8ykKyt-yk0M4eMBWtxV3YIT48WFXI_aem_cMChDgbN86DVNEALjXzgEA.
- “2025 Policy Priorities.” National Bankers Association. Accessed September 25, 2025. https://www.nationalbankers.org/2025-policy-priorities.
- “Nicole Elam.” Progressive Policy Institute. Accessed September 25, 2025. https://www.progressivepolicy.org/people/nicole-elam/.
- “National Bankers Association Inc Form 990.” ProPublica. Accessed September 25, 2025. https://projects.propublica.org/nonprofits/organizations/520884907/202403209349325440/full.