US Bancorp : U.S. Bank provides update on Access Commitment program

Work continues to help close the wealth gap for underserved communities

Three years ago, U.S. Bank launched U.S. Bank Access Commitment ®, its long-term approach to help close the wealth gap for underserved communities, including communities of color, and redefine how it serves employees, clients and communities.

Access Commitment started with a focus on the Black community, where the persistent economic wealth gap in the United States is the largest (Federal Reserve, 2022)¹, and in 2023, expanded its focus to include the Hispanic community.

According to the most recent Federal Reserve study, the typical White family has about six times as much wealth as the typical Black family and five times as much as the typical Hispanic family.

Access Commitment leverages four components to help address the wealth gap - Access Business, Access Capital, Access Home and Access Wealth. Here is an update on the progress U.S. Bank has made and its commitment to continue the work.

"Inclusive growth is central to our mission, purpose and values; it is both who we are and how we differentiate ourselves," said Greg Cunningham, chief diversity officer for U.S. Bank. "Our direction is forward. We have a compelling business case around inclusive growth focused on the opportunities we have in our growing multicultural communities."

Access Business

Access Business combines our expertise and that of our external partners to provide small businesses, including underserved businesses, with knowledge sharing, information, connections and capital to position them for success. In 2023, we expanded the number of Business Access Advisors (BAAs) serving our communities.

The BAAs met with hundreds of business owners and held numerous financial seminars. U.S. Bank also launched the Business Diversity Lending Program, a special purpose credit program that provides credit and financing to help minority, woman and veteran-owned businesses grow and thrive.

Access Home

U.S. Bank continues to focus on closing the homeownership gap in underserved communities. In 2023, U.S. Bank continued to work with 18 community partners in: St. Louis, Las Vegas, Little Rock, Milwaukee, and Minneapolis.

It also launched the Access Home Loan Program, a special purpose credit program that provides up to $12,500 in down payment assistance and up to an additional $5,000 lender credit³. U.S. Bank continued its initiative to hire new-to-industry mortgage loan officers focused on supporting undeserved communities, including communities of color.

Access Capital

U.S. Bancorp Impact Finance is partnering with Community Development Financial Institutions (CDFIs) to provide financing to developers that have historically lacked access to capital, including supporting and growing the number of developers led by people of color.

In furtherance of this goal, in 2023, grants totaling $300,000 were awarded to five organizations: Neighborhood Development Center, BCL of Texas/Innovan Neighborhoods, National Affordable Housing Trust (NAHT), Baltimore Community Lending and Richmond Neighborhood Housing Services.