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Capital One Announces Five-Year, $265B Community Benefits Plan In Connection With Discover Acquisition

Author: Benzinga Newsdesk | July 17, 2024 09:20am

Significant financial and programmatic investments in support of critical economic priorities including housing affordability, no-fee banking access, and small business growth
Includes $44 billion in community development financing, $600 million in support for Community Development Financial Institutions, $575 million in philanthropy, $200 billion in consumer lending to low- and moderate-income (LMI) consumers or consumers in LMI communities, $15 billion in lending to small businesses, and $5 billion in anticipated spending with diverse suppliers
Plan will be more than twice as large as any community commitment previously developed in connection with a bank acquisition
- Innovative approach brought together a coalition of four leading community groups to negotiate and develop the comprehensive package of community-focused solutions

Posted In: COF