National Bankers Association (NBA)

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

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At-A-Glance

Type: Non-profit, 501(c)(6)
Issue Areas: Environmental Policy, Identity Politics (for race-based policy/activism), Economic Policy
Website: www.nationalbankers.org
Formation:

1927

CEO:

Nicole Elam

Location: Washington, DC View on map
Tax ID: 52-0884907
Most Recent Filing: 2024
Budget (2024): Assets: $5,289,247 Revenue: $2,356,113 Expenses: $2,039,247

Contents

    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

    Financial Statistics

    Total Assets

    Total Revenue

    Total Expenses

    YearTotal AssetsTotal RevenueTotal ExpensesFiling
    2024 $5,289,247 $2,356,113 $2,039,247 View
    2023 $5,154,341 $2,165,080 $1,445,906 View
    2022 $3,829,247 $4,029,508 $1,612,813 View
    2020 $841,485 $627,511 $406,412 View
    2019 $327,860 $524,471 $495,297 View

    Prior year filings: 2018, 2017, 2016, 2015, 2014, 2013, 2012, 2011

    Revenue Detail

    Expenses Detail

    Employee Compensation

    • Number of Employees: 4

    Highest Earning Employees

    EmployeeTitleTotal Compensation
    Nicole ElamPRESIDENT & CEO$405,461
    MichelledavisCHIEF OFER.OFFICER$73,424

    Grant Activity

    All-time grants received statistics from Candid dataset:

    • Total Grant Value: $25,792,331
    • Number of Grants: 7
    • Number of Funders: 5

    Selection of highest value grants received from the last seven years:

    AmountYearFunderSubject
    $25,000,0002020 Terun CyclingSquare announced it will provide $25 million to The Keepers Fund, a vehicle sponsored by the National Bankers’ Association meant to invest in M.D.I.S. And help promte racial equity
    $500,0002022 Robert Wood Johnson FoundationTo provide technical assistance and resource-development services to ensure the survival of minority depository institutions.
    $133,3312025 Fiserv Cares Fund IncSupport the organizations mission to understand the needs of Minority Depository Institutions through research and helping to accelerate their technological capacity.
    $75,0002024 The Kresge FoundationProject support to pilot a series of coordinated solutions that can increase the volume and scale of MDI mortgage lending in Washington D.C., Detroit, and southern Texas.
    $50,0002024 The Kresge FoundationThis grant to the National Bankers Association would accomplish two tasks: supporting the NBA’s annual convening at the $25,000 level, and funding research on mortgage lending from Minority Depository Institutions.
    $30,0002023 The Kresge FoundationThis grant is to support the National Bankers Association upcoming conference. The NBA is the trade association for Black and Minority-owned banks

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    Financials, employee compensation, and grant information provided by Candid.

    Mentioned in this Article

    References

    1. “Minority Depository Institutions Designation Process.” FDIC. Accessed September 25, 2025. https://www.fdic.gov/sites/default/files/2024-03/fil22024a.pdf.
    2. 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/.
    3. “Our Work – How We Work.” Justice Climate Fund. Accessed July 14, 2025. https://justiceclimatefund.org/how-we-work/
    4. “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
    5. “The National Bankers Association 2023 Annual Report.” National Bankers Association. 2023. Accessed September 25, 2025. https://www.nationalbankers.org/_files/ugd/f6d209_2f296505c13e48a4a8cf511a20debe85.pdf.
    6. “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.
    7. “2025 Policy Priorities.” National Bankers Association. Accessed September 25, 2025. https://www.nationalbankers.org/2025-policy-priorities.
    8. “Nicole Elam.” Progressive Policy Institute. Accessed September 25, 2025. https://www.progressivepolicy.org/people/nicole-elam/.
    9. “National Bankers Association Inc Form 990.” ProPublica. Accessed September 25, 2025. https://projects.propublica.org/nonprofits/organizations/520884907/202403209349325440/full.