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Expanding Banking and Access to Credit in Communities of Color
Many communities of color lack access to traditional banking services that are the foundation of financial stability and thriving communities. Economic security is also hampered by insufficient access to credit, which makes it hard to qualify for affordable mortgages and small business loans.
What Citi will do:
- Provide Minority Depository Institutions (MDIs) with up to $50 million in growth capital to strengthen their ability to serve racially diverse households and entrepreneurs.
- Generate revenue for MDIs by inviting them into up to $50 million in loan participation opportunities between the Citi Community Capital division in the Institutional Clients Group and its clients to finance affordable multi-family rental housing.
- Provide pro-bono technical assistance and training to MDIs – through a collaboration with Deloitte and others – to help MDIs navigate the changing economy, improve operational efficiencies and support talent development.
- Partner with community organizations serving racially diverse households through Citi’s U.S. Consumer Bank to expand access to the Citi® Access Account Package, which includes low-cost checking and savings products and new digital financial education.
- Alleviate one of the biggest barriers to banking by expanding the Citi ATM Community Network program that removes out-of-network fees at Citibank ATMs for customers of participating minority-owned banks and community development credit unions. Since 2016, Citi’s U.S. Consumer Bank has removed these fees for 440,000 customers and 28 institutions.
- Put 1 million youth on the path to higher education by expanding the Citi Start Saving® platform – which initially was developed to power the City and County of San Francisco’s children’s savings program.