The first Black-owned bank can be dated to about the same time as the first automobile.
In 1888, Capital Savings Bank opened in Washington, D.C., backed by Black entrepreneurs, churches, and social organizations. It was created to do what many institutions wouldn’t at the time – provide banking services to Black citizens and lend to Black-owned businesses.
But while automobiles made tremendous progress over the next 138 years, equity in banking hasn’t. Today, only 5.5% of the American banking workforce is made up of Black employees. And only about 8.2% of credit union CEOs are Black.
The next chapter of this story is being written now, both by institutions and the Black professionals working at them. In honor of Black History Month, Main Street offers some helpful resources to improve equity in our industry.
The Next Step Forward – Resources for Improving Equity in the Financial Services Industry
Equity in financial services won’t improve through reflection alone. The resources below are a good starting point for professionals looking to build community, grow their careers, and move the industry forward.
National Bankers Association (NBA)
The National Bankers Association represents minority depository institutions, including Black-owned banks. Its work includes advocacy, education, and industry connection within the community banking space.
For Black professionals in banking, it’s a strong way to stay close to the leaders and institutions advancing equity. It also elevates the role MDIs play in expanding access to financial services.
National Black MBA Association (NBMBAA)
The NBMBAA provides leadership development, community, and career advancement support for Black professionals nationwide. Its programming includes events, networking, and professional development for long-term growth.
For professionals in banks and credit unions, it’s a practical resource for career mobility and leadership opportunities. It’s also a strong option for professionals looking to broaden their network beyond their own institution.
The Executive Leadership Council (ELC)
The ELC focuses on expanding Black executive representation in corporate America, including financial services. It’s best known for leadership development programs and its executive-level community.
For professionals pursuing senior roles, ELC is one of the most credible leadership networks in the country. Its programs are designed to strengthen executive readiness while connecting leaders across major industries.
National Urban League (NUL)
The National Urban League supports economic empowerment through workforce development, training, and career-focused programming. Its work spans education, job readiness, and professional growth at a national scale.
For financial services professionals, it’s a respected resource for building skills and community-oriented advancement. Many local affiliates also provide opportunities to connect with community partners and professional peers.
Association of African American Financial Advisors (Quad-A)
The Association of African American Financial Advisors convenes Black financial professionals and affiliated practitioners nationwide. It offers networking, educational programming, and professional development aimed at expanding opportunity in wealth management and related financial fields.
Membership provides access to events, peer networks, and career resources that support long-term growth.
African-American Credit Union Coalition (AACUC)
The African-American Credit Union Coalition champions diversity, equity, and inclusion within the credit union movement. It provides professional development, networking events, and advocacy focused on expanding opportunity for credit union professionals and volunteers.
AACUC also helps bridge connections among credit unions, partners, and community organizations.
Council of Black Leaders in Finance (CBLF)
The Council of Black Leaders in Finance works to increase the representation and retention of Black leaders across the finance industry. It supports intentional community-building, mentorship, and leadership development for professionals at all stages of their careers.
CBLF also fosters peer connections and business development opportunities that build a stronger leadership pipeline in finance.
Moving Equity Forward,
One Step at a Time
Equity in financial services is shaped by long-term commitment and everyday decisions. For financial institutions, that means creating stronger pathways for representation, leadership, and opportunity. For Black professionals, it means having access to networks and resources that support growth.
Main Street supports the professionals and financial institutions doing the hard work of improving equity in our industry. For a deeper look at the history behind this conversation, read our post on the history of Black banking in America.
Sources:
Zippia. “Banker Demographics and Statistics in the U.S.” January 29, 2021. https://www.zippia.com/banker-jobs/demographics/.
Zippia. “Credit Union Manager Demographics and Statistics in the U.S.” Accessed February 4, 2026. https://www.zippia.com/credit-union-manager-jobs/demographics/.
