Seeking Alpha, May 9, 2022, US Bancorp proposes $100B Community Benefits Plan as part of MUFG Union deal
U.S. Bancorp (NYSE:USB) has unveiled a $100B Community Benefits Plan that focuses on supporting equitable access to capital for low- and moderate-income communities and communities of color, the bank said Monday.
The bank developed the program in coordination with the National Community Reinvestment Coalition and the California Reinvestment Coalition as part of U.S. Bank’s (USB) planned acquisition of MUFG Union Bank from Mitsubishi UFJ Financial Group (MUFG). It takes the U.S. Bank Access Commitment efforts and integrates existing community impact efforts from MUFG Union Bank. Most of the commitments, 60% of the total, will support efforts in California, the state most affected by the acquisition.