This year’s National Bankers Association Conference, “Equity in Action: Charting a Course for Inclusive Banking,” at the Royal Sonesta Hotel in Northwest from Oct. 10-11, featured activities exploring the growth of minority banks and included discussions about the 2024 presidential election and the state of diversity, equity and inclusion (DEI) programs in the U.S.
The association’s new chairman of the board, Todd A. McDonald, the president of New Orleans-based Liberty Bank, articulated the need for Black and minority deposit institutions (MDIs) at the opening session on Oct. 10.
“We are going to work to grow [National Bankers Association] banks,” said McDonald, 43. “We are going to continue our expansion and continue to work to gain more corporate support. We will also work to reactivate federal programs that favor minority deposit institutions.”
During the conference, the association’s foundation released its “2024 State of MDIs Report,” in which it stated there are currently 149 MDI banks who collectively hold more than $355 billion in assets, with the average MDI holding $475 million in assets as of the second quarter of 2024.
MDIs operate more than 1500 branches across 43 states and territories, representing a jump from 32 states and territories in 2022-2023. More than 58 million people live in ZIP codes with MDIs present, representing roughly 17% of the total U.S. population, the report said.
The 2024 Election and DEI
On Oct. 11, a packed room of 60 people gathered for a panel discussion focusing on the 2024 presidential election.
Terrance Woodbury, president and founding partner of District-based HIT Strategies, said “inflation is the chief concern among Americans” during the election season.
“Cost is what they are talking about,” said Woodbury, 36.
Ja’Ron Smith, 42, a former Trump White House staffer, works for the CGCN Group, a governmental affairs group. He told the audience that while he is a Republican, he can envision a Democratic Speaker Hakeem Jeffries (D-NY) and U.S. Sen. Tim Scott (R-SC), as chair of the Senate Banking Committee, working on aiding minority banks, in the next congressional session which starts in January 2025.
“Another Trump administration would work hard to cut the bureaucracy and create real policies to open more minority banks,” he said.
During the panel discussion on diversity, equity and inclusion, Michael Hyter, the president and CEO of the Executive Leadership Council, said companies that have backed away from equality in the workplace never embraced is in the first place.
“We must work to eliminate biases,” Hyter said. “There must be the development of diverse talent in corporate leadership roles. We must claim our power. DEI is part of business.”
Jarvis Stewart, the chairman and CEO of Highland Poe, a firm specializing in crisis and strategic communications in the District, said when dealing with DEI in corporate America, an honest assessment must be made.
“We must meet our corporate friends where they are,” Stewart said.