U.S. Bank Receives "Outstanding" Community Reinvestment Act Rating
September 04 2019 - 12:00PM
Business Wire
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.”
Overall Performance Highlights and Activities 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.
Forward Momentum 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 produced 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.
About U.S. Bank U.S. Bancorp,
with 74,000 employees and $482 billion in assets as of June 30,
2019, is the parent company of U.S. Bank, the fifth-largest
commercial bank in the United States. The Minneapolis-based bank
blends its relationship teams, branches and ATM network with mobile
and online tools that allow customers to bank how, when and where
they prefer. U.S. Bank is committed to serving its millions of
retail, business, wealth management, payment, commercial and
corporate, and investment services customers across the country and
around the world as a trusted financial partner, a commitment
recognized by the Ethisphere Institute naming the bank a 2019
World’s Most Ethical Company. Visit U.S. Bank at www.usbank.com or
follow on social media to stay up to date with company news.
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Cheryl Leamon, U.S. Bank Public Affairs and Communications
651.435.7460; cheryl.leamon@usbank.com
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