Bank of America has released its first Corporate Social Responsibility (CSR) Report, which outlines activities undertaken in 2010. The report highlights the company’s efforts to promote fairness and transparency in its products and services; lending and investing activities in low-income and underserved communities; community-focused philanthropic investments; and company and customer-focused environmental initiatives.
“Bank of America is committed to making opportunities possible for customers and clients by responding to their financial needs, helping drive economic growth and supporting the communities where we do business,” said Brian Moynihan, chief executive officer of Bank of America. “This report provides an overview of important company initiatives and helps illustrate the progress we’ve made.”
The Bank of America CSR Report brings together in a single document an account of the bank’s 2010 activities and future priorities for corporate social responsibility. The purpose of the report is to present detailed information about how Bank of America conducts its global business, as well as its significant social, environmental and economic impacts. A comprehensive CSR Report and an Executive Summary are available.
Bank of America updated its core values and reaffirmed business decisions and practices that demonstrate a commitment to shareholders, customers and clients, including:
- Extending Clarity Commitment® statements to small business credit card accounts and Bank of America Home Loans customers, eliminating overdraft fees for everyday debit card transactions at point-of-sale, and modifying more than 285,000 mortgage loans for distressed homeowners
- Building a fortress balance sheet by strengthening liquidity, credit reserve positions, asset quality, and overall capital levels
- Continuing to work through issues from the purchase of Countrywide in order to realize the full benefits of acquisitions for customers, employees, shareholders, and communities
- Providing capital, expertise and products to manage the transition to a low-carbon economy. Since 2007, the company has invested $11.6 billion in solar and environmental projects as part of a larger $20 billion, 10-year Environmental Business Initiative
- Loaning more than $92 billion to small and medium-sized businesses, $10 billion more than in 2009
- Spending $4.1 billion with thousands of small and medium-sized diverse suppliers
Bank of America continued its commitment to the health and wellbeing of communities, including:
- Providing $200 million in philanthropic giving, making the bank the second largest cash giver in the U.S.
- Providing over $1 billion in loans and investment to more than 120 community development financial institutions (CDFIs), and investing more than $48 billion in credit to nonprofit, government and anchor institutions
- Providing $168.5 billion in community development lending and investments in 2010, the second year of a 10-year, $1.5 trillion community development goal
- Launching the Bank of America Merrill Lynch Art Conservation Program, a unique program that funds the conservation of essential works of art that are significant to the cultural heritage of a country or important to the history of art
Bank of America embraces diversity and the philanthropic interests of its employees by:
- Continuing its leadership in promoting volunteerism and service, with employees donating more than one million hours of volunteer service in 2010. In 2011, this goal has been increased to 1.5 million hours
- Providing more than $12.6 billion in loans to veterans and continuing its commitment to customer and employee diversity and inclusion initiatives
“The progress reflected in our new CSR report demonstrates our commitment to creating opportunities that help the economy move forward through responsible business practices, lending, investing and charitable giving,” added Anne Finucane, Bank of America’s global strategy and marketing officer.
