National Bankers Association Does Not Respond To Inquiry About Cuba; Joins ABA Without Cuba Banking Position
/The Washington, DC-based National Bankers Association has not responded to inquiries as to the organization's position relating to the authorization of Republic of Cuba government-operated financial institutions to have accounts with United States-based financial institutions for correspondent activities.
"The National Bankers Association was founded in 1927. Today, it is the most recognized trade association for the nation's 177 minority and women-owned banks (MWOBs). Our members include banks owned by African-Americans, Native-Americans, American-Indians, East-Indians, Hispanic-Americans, Asian-Americans and Women.
Approximately 22% of MWOB's are NBA members. They are located in 29 states and 2 territories spanning 60 cities and the District of Columbia. They employ over 15,000. In the aggregate, MWOBs have assets in excess of 181 billion dollars and service over 3 million depositors. Collectively, the individuals who serve on the boards of directors of our member banks represent some of the most influential leaders in minority communities and urban centers across the country. Since 1980, the NBA has formed a successful partnership with Treasury representatives of several Fortune 500 corporations.
MWOBs, with few exceptions, serve distressed communities plagued by many social and economic problems. Our institutions are deeply committed to providing employment opportunities, entrepreneurial capital and economic revitalization in neighborhoods which often have little or no access to alternative financial services."
ABA Has No "Formal Position" About Cuban Banks Having Accounts With US Banks
November 08, 2016
Today, the Washington, DC-based American Bankers Association (ABA), stated that the organization does not have a formal position relating to the authorization of Republic of Cuba government-operated financial institutions to have accounts with United States-based financial institutions for correspondent activities. The ABA did not provide a reason(s).
"The American Bankers Association is the united voice of America’s hometown bankers- small, regional and large banks that together employ more than 2 million people, hold more than $16 trillion in assets, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
ABA believes that government policies should recognize the industry’s diversity. Laws and regulations should be tailored to correspond to a bank’s charter, business model, hometown markets and risk profile. This policymaking approach avoids the negative economic consequences of burdensome, unsuitable and inefficient bank regulation.
Through a broad array of information, training, staff expertise and other resources, ABA supports America’s hometown bankers as they perform their critical role as drivers of America’s economic growth and job creation."
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