Investing in a better tomorrow

We’re investing in a long-term approach to bring the strengths of our company to help address some of the biggest challenges impacting people and our planet.

U.S. Bank Access CommitmentTM

In February 2021, we launched U.S. Bank Access CommitmentTM, a series of long-term initiatives to address the persistent racial wealth gap and increase wealth building opportunities, starting with the Black community, because that is where the U.S. racial wealth gap is the greatest. Working to close the racial wealth gap is an area where we can use our core competencies as a financial institution to help address wealth disparities and the underlying systemic barriers that prevent economic mobility for everyone.

The work is focused on three primary areas:

  • Supporting small businesses
  • Helping communities and families advance economically
  • Enhancing career opportunities for employees and prospective employees

The ongoing work spans the entire company and builds on the $116 million commitment we made in 2020, including increased supplier spend, innovative products and services, transformative customer experiences and long-term, place-based partnerships.

Supporting racial equity: 2021

In 2021, we provided $197+ million in capital to Black-owned or -led businesses and organizations and launched U.S. Bank Access CommitmentTM, our long-term approach to serving diverse communities with additional investments.

This included our $25 million Access Fund supporting more than 30,000 women of color-owned microbusinesses over three years.

Received $65 millionNMTC* allocation that will support community investments in projects that support racial equity.

Made $305 million in loan commitments to CDFIs during 2021, bringing USBCDC’s total of debt capital support to more than $485 million.

Invested in more than 260 Black leaders who completed McKinsey Black Leadership Academy.

Reopening Minneapolis branches damaged in civil unrest and donated one former branch building for future community development.

Source: U.S. Bank. The $197+ million includes tax credit investments plus support of Community Development Financial Institutions (CFDI’s) and other community organizations through the U.S. Bancorp Community Development Corporation (USBCDC).

Supporting women of color microbusiness owners

We launched the $25 million U.S. Bank Access Fund – a fund that will support more than 30,000 women of color microbusiness owners over three years, prioritizing Black women business owners. The fund, a collaboration between U.S. Bank Foundation and U.S. Bancorp Community Development Corporation, includes long-term investments of grants and capital funding to three partners: the African American Alliance of CDFI CEOs (the Alliance), Grameen America and Local Initiatives Support Corporation (LISC).

Microbusinesses – defined as having 10 or fewer employees – led by women of color are some of the fastest-growing in the country, yet face tremendous barriers. This fund will help sustain and create new job opportunities for those businesses, as well as provide access to capital, technical assistance and networking opportunities. U.S. Bank leaders will also share expertise with business owners through a series of customized seminars and roundtables.

2021 World’s Most Ethical Companies logo

The Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, named us one of the World’s Most Ethical Companies for the seventh consecutive year.

$485Millionin capital for CDFIs

U.S. Bancorp Community Development Corporation has helped ensure that more than $485 million in capital was available for CDFIs and their customers, most of that in the last five years.

Addressing the impacts of climate change

Managing our business in an environmentally sustainable manner is an important component of corporate responsibility and critical to the health of our economy. That’s why we announced several companywide commitments to address the impacts of climate change on our business, customers and communities, including the following:

  • Setting a goal to achieve Net Zero greenhouse gas emissions – including financed emissions – by 2050.
  • Setting a goal to source 100% renewable electricity within our operations by 2025 and joining RE100.
  • Setting an environmental finance goal of $50 billion by 2030 to support the transition to a low-carbon economy.
  • Aligning disclosures with the Task Force on Climate-related Financial Disclosures recommendations.
  • Joining the Partnership for Carbon Accounting Financials (PCAF) and committing to measure and disclose financed emissions using PCAF standards.

The $50 billion environmental finance goal will advance the transition to a low-carbon economy by financing more customers and projects that have a positive impact on the environment. Additional information on our climate commitments and new ESG strategy can be found at usbank.com/ESG2021(opens new window).

Over the past several years, we’ve donated mortgage-free homes, vehicles and home repairs to military veterans. In 2021, we unveiled a new program called Operation Always Remember, revisiting 42 of the previous recipients of these programs with gift cards for gas, clothing and restaurants worth up to $5,000 dollars.

“World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.