CSR Wire: From the Fifth Third Bancorp 2020 ESG Report: Communities

CSR Wire, September 23, 2021, From the Fifth Third Bancorp 2020 ESG Report: Communities

Fifth Third closed out 2020 by celebrating the successful conclusion of our five-year, $32 billion Community Commitment. The Community Commitment was announced in 2016 as a $27.5 billion plan over five years. Later that year, that amount was increased to $30 billion upon consultation with hundreds of community groups and the National Community Reinvestment Coalition.

“The community benefits agreement we established with Fifth Third Bank in 2016 was one of our first and largest,” said Jesse Van Tol, CEO of the National Community Reinvestment Coalition. “We are happy to see the agreement come to fruition over the past five years. We also look forward to continuing our work with Fifth Third to ensure low- and moderate-income communities and communities of color have access to the banking services they need to build wealth.”

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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