U.S. Bancorp rolls out a plan to fight racial wealth gap
Early focus will be on Black customers and employees.
February 17, 2021 — 8:04am
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U.S. Bancorp is launching a multipronged initiative to address the racial wealth gap.
The new initiative announced Wednesday is built around providing communities of color, with a particular focus initially on the Black community, greater access to financial information, education, products, resources and capital. The effort spans the entire enterprise and also includes recruiting more people of color to work for it.
The array of ideas and projects at U.S. Bank is unfolding as more American companies grapple with the yawning chasms of wealth and opportunity by race. The banking industry confronts a decadeslong history of underserving Black people in particular, rooted partly in unfair lending practices for much of the 20th century that created wounds that still linger.