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:
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.
To learn more about U.S. Bank’s positive impact on the communities it serves, visit usbank.com/community.