CDBA and NBA Launch New Program to Boost Deposits at Banks Targeting Underserved Communities

Tuesday, June 4, 2024

The Community Development Bankers Association (CDBA) and National Bankers
Association (NBA) are proud to announce the launch of the Advancing Communities Together (ACT)
Deposit Program. This innovative initiative is designed to channel vital funding to banks serving
low-income and minority communities while also ensuring all deposits are eligible for FDIC insurance.

At launch, four major financial firms have deposited $35 million in the program, with additional deposits
anticipated from a broad range of depositors, including corporations, foundations, and universities.