U.S. Bank receives ‘Outstanding’ Community Reinvestment Act rating

September 04, 2019

Lending, Investment and Service tests also given “Outstanding” ratings.

U.S. Bank announced today that it has received the highest rating, “Outstanding,” for its recent Community Reinvestment Act (CRA) examination from the Office of the Comptroller of the Currency (OCC). The examination period was January 1, 2012 through December 31, 2015. The company also received an “Outstanding” rating on each of the three individual CRA tests for Lending, Investment and Service.

“Expectations for how we operate as a corporate citizen have never been higher, and we understand our responsibility to revitalize neighborhoods, provide financial education, create employment opportunities, support small business development and affordable housing, and so much more,” said Andy Cecere, chairman, president and chief executive officer of U.S. Bank. “I am extremely proud of all that our teams have been able to accomplish and the extra steps they’ve taken to help U.S. Bank achieve these ‘Outstanding’ ratings. Their character, commitment to service, compassion and unwavering resolve to be the most trusted choice in banking continue to show why they are our most important and valuable asset.” 

Some of the overall achievements during the exam period which lead to the “Outstanding” rating include:

  • U.S. Bank originated 1,536 community development loans totaling nearly $7.4 billion to support CRA purposes, such as affordable housing, community services for low- and moderate-income individuals, revitalization/stabilization of low- and moderate-income areas, or promote economic development by financing small businesses or farms.
  • U.S. Bank generated more than 204,000 loans totaling $38.4 billion through more than 65 affordable mortgage products involving both national and local programs.
  • U.S. Bank participated in a number of national, statewide and local mortgage down payment and special assistance programs, which facilitated nearly $40 million in assistance for borrowers.
  • U.S. Bank remains one of the nation’s top Small Business Administration (SBA) lenders and originated 11,533 SBA loans nationwide, totaling $2.6 billion.
  • U.S. Bank invested more than $4.9 billion inside its assessment areas, representing 14 percent of its Tier 1 Capital. 

Infographics outlining market-specific performance for California, Minnesota, Missouri and Ohio are available. Additional market profiles of these and other rated areas can be found within the complete CRA performance evaluation. 

While the most recent CRA rating covers an examination period ending in December 31, 2015, U.S. Bank has made further progress to continue its forward momentum and meet the needs of low- and moderate-income individuals and low- and moderate-income areas.

In 2016, U.S. Bank introduced the Safe Debit Account, which offers key benefits of a traditional account without checks or overdraft fees and demonstrates the bank’s commitment to provide all customers safe, convenient, affordable access to financial services. Then, in 2018, the company also launched a small-dollar loan product called Simple Loan, designed to help customers deal with unexpected or short-term cash needs with a transparent, easy-to-understand installment loan.

Both products help the more than 35 million Americans who are not fully using the banking system and are considered by the FDIC to be unbanked or underbanked. U.S. Bank believes there is value in having a relationship with a bank they can rely on as their needs change over their lifetime.

In 2017, U.S. Bank also introduced a 16-member national Community Advisory Committee to provide perspective, feedback and insights from underserved communities and help the bank achieve greater alignment between its community development needs and business lines, resulting in improvements in the way it serves underserved communities.

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