We strive to create products and services that serve all members of our community.
We listen to stakeholder feedback to create products that are an investment in our future and the future of our communities. We do this by listening to feedback from customers, staying abreast of trends and gaps in product and services, and collaborating with our 15 nonprofit community partners through our Community Advisory Committee (CAC), who provide perspective, feedback and insights from underserved communities. Our partnership with community leaders helps us achieve greater alignment between community development needs and business lines, resulting in improvements in the way we serve underserved communities.
I am deeply grateful for the many ways in which U.S. Bank strives to expand economic opportunity. U.S. Bank is directly innovating new products, like Simple Loan, to reach households for which bank financing has previously been out of reach. And, through its Community Advisory Committee, U.S. Bank is advancing the work of nonprofit partners and providing capacity-building opportunities, such as anti-racism training, that make it possible for CDFIs, like DreamSpring, to consciously break down long-standing societal barriers to accessing capital.
Protecting data and information.
In today’s world, protecting information is a top priority and a significant part of our corporate responsibility. We stay a step ahead by investing in people, technology and leading-edge capabilities, constantly upgrading our defenses, partnering with industry peers and suppliers, conducting outreach and coordination with the government. We anticipate emerging threats through risk-based, intelligence-driven and predictive strategies. We safeguard information and assets through adaptive security enhancements with a cybersecurity center and team monitoring activity 24/7. We enable customer and business-driven growth while protecting existing revenue.
We invest in our future workforce through U.S. Bank gifts to cybersecurity programs at four colleges across the country. We advise the NYU Tandon School of Engineering on its online graduate Cybersecurity program and nine U.S. Bank employees have been selected as fellows.
This year, we also collaborated with the Girl Scouts of Western Ohio (GSWO) by helping young women earn their Cybersecurity Safeguards Badge by completing five cybersecurity themed workshops. GSWO also received a $50,000 U.S. Bank Foundation grant through our MIF program to continue their mission of building girls with courage, confidence and character, who make the world a better place. We continued to partner with NaviGo Scholars for the fourth year; a career training and mentorship program that allows scholars to shadow members of our cybersecurity workforce over the next two years. Our commitment to investing in the future goes further by partnering with community organizations such as Girls Who Code and Technovation to help promote technological and career skills among the youth in our communities.
We are “Outstanding.”
In 2019, we received the highest rating, “Outstanding,” in our recent Community Reinvestment Act (CRA) examination from the Office of the Comptroller of the Currency (OCC). We 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.
According to the FDIC, more than 35 million Americans are not fully using the banking system and are considered unbanked or underbanked. In 2016, we 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, and affordable access to financial services. Then, in 2018, we launched a small-dollar loan product called U.S. Bank Simple Loan, which is designed to help customers deal with unexpected or short-term cash needs with a transparent, easy-to-understand installment loan. Based on a Pew estimate, the cost of an average $400 payday loan is $350, while our customers pay an average of $48, resulting in savings of $12 million for customers. Since the launch of the product, U.S. Bank customers have opened more than 40,000 Simple Loans taking an average of around eight minutes with more than 80% coming through our new mobile app.
During the first year…
- 40,000Number of booked loans.
- $12MSavings for customers.
- 8 Min.Average approval time.
Working to change the narrative.
In 2019, we invested $500,000 to the Wilder foundation to help fund Family Independence Initiative Twin Cities (FII). FII Twin Cities partners with families to achieve economic stability by investing directly in families. FII Twin Cities provides low- or no-interest capital to families who share their data with FII in order to help identify and invest in the solutions that are working for them. With this funding, U.S. Bank will be the first to partner with Wilder to share results with a broad range of stakeholders. We are proud to be a part of this important work of shifting the system, changing the narrative around economic mobility and amplifying the voices of those experiencing poverty.
FII trusts that families know and want what is best for them. We see families as experts in their own lives and agents of their own change. We’re grateful for U.S. Bank’s support, and for the opportunity to demonstrate what is possible when we invest directly in families to improve entire communities.
U.S. Bank to mentor First Independence Bank, a minority-owned community bank in Detroit.
As part of the Bureau of the Fiscal Service Mentor-Protégé Program sponsored by the U.S. Department of the Treasury, we signed a mentorship agreement with First Independence Bank, a minority-owned community bank in Detroit. Beginning in 2019 for a three-year commitment, we will provide guidance and insight to First Independence Bank as it strives to become a provider of financial services to the Treasury Department.
We consider this a high honor and grand opportunity to serve as financial agents to the U.S. Department of the Treasury as a U.S. Bank mentee in the Bureau of the Fiscal Service Mentor-Protégé Program. First Independence Bank keeps its customer’s needs at the forefront at all times, so an opportunity such as this, positions us for continued growth in areas that will allow us to better serve new and existing customers at an expanded level locally and nationally. It will be our goal to demonstrate with U.S. Bank, and the U.S. Department of the Treasury that mentorship in business is a benefit to all.
The U.S. Department of the Treasury launched the mentor-protégé program to broaden the capacity of small and community banks. By establishing relationships between the largest commercial banks and small protégé banks, Treasury seeks to expand networks within the financial services industry and to facilitate the inclusion of a broader range of financial institutions in Treasury business opportunities.
On Chicago’s South Side, one neighborhood is tapping into the spirit of its storied past to charge into the economy of the future.
The Pullman neighborhood was once home to the Pullman Car Company, which was the largest employer of African Americans in the nation during the early 20th century and its union was instrumental in the Civil Rights Movement. However, by the early 21st century, the neighborhood was impacted by the globalizing industrial economy as many manufacturing jobs disappeared and unemployment skyrocketed. Yet, Pullman has adapted over the past decade, undergoing a revitalization driven by entrepreneurship and collaboration.
We are proud to play an instrumental part in the revitalization.Since 2009
- $113MMoney invested in Pullman.
- 10%Increase in college graduation rates.
- 52%Decrease in crime rates.
We have invested $113 million in Pullman, which has led to 1,500 jobs, 200 affordable housing units, a place to play for 50,000 people and importantly, has catalyzed $133 million in additional outside investment. Among the ripple effects, the community has seen a 10% increase in college graduation rates (Metropolitan City Council, 2017) and 52% decrease in crime rates (Chicago Tribune, 2015).
To celebrate the neighborhood and the decade of progress, we produced a television spot, which features 16-year-old Pullman resident Jalen Mason and was directed by South Side native Rodney Lucas.
Through Community Possible, we invest billions of dollars each year in economic and community development initiatives nationwide. To ensure we maximize our intentional impact and investments in future communities, we recently launched a case study research project in partnership with the University of Chicago and nonprofit Chicago Neighborhood Initiatives.
Working with U.S. Bank on this project was the perfect partnership; after our first exchange, it was clear that this was a company that respected, honored, and admired the values of the Pullman community–all of these elements created the perfect storm for me to creatively spread my wings—allowing this commercial to gloriously sing with pride and love.
Environmental, Social, Governance.
At the heart of our ESG efforts is our commitment to ethics. In every part of our business around the world, our ethical culture guides how we do what we do.
In an era of rapid change and evolving expectations, ethics remains our touchstone. It powers our ability to be an employer of choice and deliver exceptional customer satisfaction, industry-leading results and meaningful support for the communities where we live and work. It helps drive our success and stability.
We established our Global Ethics Office in 2017 to create a stand-alone focus on fostering a culture of ethics and trust. It ensures we have the right structures, policies, programs and resources in place so that ethics always informs our business decisions and our day-to-day work.
Ethics is something we work at every day, in big ways and in small, everyday moments. We’re shaping our culture with intention, and that work is never done.
We’re proud to have been named one of the World’s Most Ethical Companies in 2020 for the sixth year in a row by the Ethisphere Institute, the world leader in defining and advancing ethical business practices.
To learn more, please read our ESG Download