Five-year plan focuses on supporting equitable access to capital for low- and moderate- income communities and communities of color.
U.S. Bancorp (NYSE: USB) today announced a five-year community benefits plan (CBP), developed in coordination with the National Community Reinvestment Coalition (NCRC) and the California Reinvestment Coalition (CRC), as part of the planned acquisition of MUFG Union Bank. The CBP continues and expands the important work underway by both organizations to build and support equitable access to capital for the communities we serve.
The CBP builds on U.S. Bank’s previously announced U.S. Bank Access Commitment efforts and integrates existing community impact efforts from MUFG Union Bank. A majority of the commitments, 60% of the total, will support efforts in California, the state most impacted by the acquisition. Commitments in the CBP are subject to the successful completion of full systems and staffing conversions to a unified bank platform.
“Banks are the economic engines of our communities. As such, we can make meaningful and significant impacts in supporting the ability of low- and moderate-income (LMI) communities and communities of color to access capital and build wealth,” said Andy Cecere, Chairman, President and CEO, U.S. Bank. “Our CBP is outcome-focused and blends the best programs and thinking of U.S. Bank and MUFG Union Bank. We want our actions today to create a ripple effect that will lift future generations.”
For more on this article please visit US Bank Website click here.
Recent Comments