Spotlight on Capital One
Under the Community Reinvestment Act, banks are legally obliged to address the needs of borrowers in all segments of their communities. For Capital One, that requirement is as much a moral imperative as a regulatory mandate. The nation’s largest Community Development lender, Capital One has made over $40 billion in loans to consumers and small businesses over the last decade—especially in low- and moderate-income neighborhoods—and provided $13 billion in financing for over 140,000 affordable housing units.
In March, as COVID-19 was rapidly gaining traction, the company announced a $50 million commitment to help communities struggling to keep their residents healthy and safe. The funding was directed to nonprofits that provide meals, housing and other assistance to low-income families and individuals as well as support small businesses in the communities where Capital One employees and customers live.
Importantly, many of the grantees are dedicated to meeting the most pressing needs of the Black community, which continues to bear a disproportionate share of COVID’s harmful impact. These funding initiatives are of a piece with Capital One’s long-standing commitment to the nation’s communities and, within its own walls, to diversity and inclusion. The company was recognized on DiversityInc’s 2020 Top 50 Companies for Diversity list.
Against the backdrop of the pandemic, “the U.S. has been shaken by racist attacks—a heartbreaking reminder of our country’s long and troubled history of racial equality and injustice,” Capital One noted in June, announcing an additional pledge of $10 million to organizations advancing the cause of social justice for Black communities. This initiative includes an employee matching gift program, with the company matching donations to six organizations in the US, Canada and the UK. In addition, Capital One is making significant investments in the National Urban League and the Obama Foundation.
“Our community and philanthropic endeavors are closely integrated with our core business activities: advancing socioeconomic mobility through support of financial well-being; development of the diverse workforce of the future and financing of affordable housing,” Capital One noted in a statement entitled, “Defining a New Era of ‘We.’” “While we are proud of these efforts, we understand that this battle is continuous and that the undeniable needs of today require is to do more.”
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About Brand Acts of Kindness®
Brand Acts of Kindness® is a series from Carpenter Group that spotlights companies across industries that are living their brand values in addressing the unprecedented challenges facing the world today.
The series initially headlined companies assisting healthcare workers and first responders, as well as communities, businesses and families impacted by the COVID-19 pandemic. We also highlight brands taking the lead in supporting social and racial justice, LGBTQ rights, sustainability and the environment. Their stories show how innovation, resolve and action, built on a solid value proposition, can both strengthen a brand and help create a better world.
About Carpenter Group
Carpenter Group is an independent, woman-owned strategic branding, messaging and marketing communications firm that has delivered results-driven solutions to financial, professional services and technology firms for 30+ years.
Our broad cross-discipline experience enables us to craft brand messaging and carry it through to the channels that most effectively connect with our clients’ target audience, from editorial content to advertising to event marketing and more.