Impact Investing Forum
London. Nov 18-19. (Virtual)
From the Fifth Third Bancorp 2020 ESG Report: Communities CSRwire.comFrom the Fifth Third Bancorp 2020 ESG Report: Communities CSRwire.com
Published an hour agoSubmitted to Fifth Third BancorpFifth Third strives to help people live their best lives by providing responsible financial solutions that work for both the individual and the community. We have learned from experience that we can improve lives and make a difference in the communities we serve. Fifth Third celebrated the conclusion of its $32 billion community commitment. The Bank exceeded its financial commitment to our communities by investing $41.6billion–30% more than our goal–in community development lending and mortgages, small business and community loans, and investments. Fifth Third also delivered $378m in Fifth Third impact programming, exceeding our pledge of $213.2 million in additional housing, small business technical assistance and financial empowerment programming, as well as in inclusion initiatives and supplier diversity, staffing and branches, and other programs. Fifth Third contributed $112.9 million to philanthropy as part of its impact programming pledge. The Community Commitment was announced in 2016 and is a $27.5 billion plan for five years. After consultation with hundreds and thousands of community groups, the amount was increased to $30 Billion in 2016. In consideration of its planned expansion to Chicago, the Bank increased the commitment to $32 Billion in 2018. Jesse Van Tol CEO of the National Community Reinvestment Coalition stated that “the community benefits agreement we established in 2016 with Fifth Third Bank was one of our largest and most important.” “We are pleased to have seen the agreement come to fruition over five years. We look forward to working with Fifth Third to ensure that low- and moderate income communities, as well as communities of color, have access to the financial services they need to build wealth. “COMMUNITY ADVISORY FOUM” Fifth Third has a national Community Advisory Forum as well as five regional CAFs based out of Ohio, Florida, Michigan and North Carolina. This forum helps us to guide our efforts in the communities that we serve. CAF members are community leaders from a variety industries. They bring their unique talents, experience, and diversity together to advise our Company in its efforts to improve the lives of those where they operate. Fifth Third’s executive team has sponsored the national and regional CAFs. The national CAF is led by Kala Gibson, Executive Vice President, and Stefanie Steward Young, Senior Vice President. We have had a CAF in limited capacity for more than a decade. However, we formalized our CAF strategy as part of our $52 billion Community Commitment. COMMUNITY REINVESTMENT A PERFORMANCEThe Federal Reserve Bank of Cleveland has rated our Community Reinvestment Act rating as “Outstanding.” This rating is a review of Fifth Third Bank’s CRA activities between January 1, 2014 and June 30, 2016. This rating is an evaluation of Fifth Third Bank’s CRA activities from January 1, 2014 through June 30, 2016.