race - ethnicity. html. - 3their health at risk. black and latinx workers are overrepresented in the fields of work that entail high contact and pose greater risks of exposure to infection. for example, black and latinx workers are overrepresented in most essential positions, including nursing home staff, grocery store workers, bus drivers, postal workers, and warehouse workers. 6 against that challenging backdrop, the national conversation we are having right now about racial justice and racial equity ignited by the tragic death of george floyd could not be more urgent. 7 and the nba ’ s “ mission of creating an inclusive financial services industry and a vibrant business environment for minority business institutions, their customers and the communities they serve ” could not be more important. 8 minority depository institutions ( mdis ) are important actors in serving the financial needs of minority customers and small businesses, as well as providing community development resources to invest in minority communities. the covid - 19 pandemic only heightens the importance of the role you are playing. your firsthand experiences of working with minority borrowers and your knowledge of local communities make you essential partners in better targeting our tools to assist low - income and minority small businesses and communities. you have provided valuable input on federal reserve programs, from the paycheck protection steven brown, “ how covid - 19 is affecting black and latino families ’ employment and financial well - being, ” the urban institute, last modified may 6, 2020, https : / / www. urban. org / urban - wire / howcovid - 19 - affecting - black - and - latino - families - employment - and - financial - well - being. see raphael bostic, “ a moral and economic imperative to end racism, ” federal reserve bank of atlanta ( website ), last modified on june 12, 2020, https : / / www. frbatlanta. org / about / feature / 2020 / 06 / 12 / bostic - a - moral - and - economic - imperative - to - endracism, and “ series on racism and the economy, ” federal reserve banks of atlanta, boston, and minneapolis, last modified on october 7, 2020, https : / / www. minneapolisfed. org / events / 2020 / racism - andthe - economy - series - kickoff - event. https : / / www. nationalbankers. org / - 4program liquidity facility ( ppplf ) to the main street lending program

, to community reinvestment act reform. over the last month alone, the federal reserve board has held three sessions with representatives of mdis, community development financial institutions ( cdfis ), and vulnerable groups to discuss the challenges faced by underserved communities. we have heard about the extraordinary measures mdis have taken to keep their banks accessible, modify loans, and extend paycheck protection program ( ppp ) loans to new and existing customers, predominantly small, minority - owned businesses. preliminary data from an independent community bankers of america report indicate that your work, and the work of other community banks, has been a critical source of lending to minority - owned small businesses, accounting for 73 percent of all ppp loans made to minority - owned small businesses. 9 in addition, some mission - focused institutions have participated in the main street new loan facility, and we continue to welcome your feedback on how to support institutions reaching the businesses and communities most in need. in addition, we are hearing of greater commitments to promote mdis and cdfis on the part of large institutions. a number of black - owned banks, including nba member banks, are involved in new partnerships to address racial disparities in access to credit and provide wealth - building opportunities. 10 these recent developments are only independent community bankers of america, " data show community banks lead economic recovery, " news release, august 19, 2020, https : / / www. icba. org / newsroom / news - andarticles / 2020 / 08 / 19 / data - show - community - banks - lead - economic - recovery. broadway financial corporation and cfbanc corporation, “ broadway financial corporation and cfbanc corporation to combine to create the largest black - led minority depository institution in the u. s., ” news release, august 26, 2020, https : / / www. cityfirstbank. com / sites / default / files / final _ press % 20release _ merger % 20announcement _ 08. 25. 2020 _ gn _ 9pm. pdf. - 5the latest chapter in how your sector continues to grow and lean into the challenges this nation faces. the community reinvestment act ( cra ) is one of the most powerful tools we have for addressing systemic inequities in credit access for minority individuals and communities. last month, the federal reserve board unanimously voted to approve an advance notice of proposed rulemaking ( anpr ) on the cra