The Fifth Third Community Benefits Agreement: What You Need to Know

The Fifth Third Community Benefits Agreement is a contract between Fifth Third Bank and community organizations that outlines the bank`s commitments to serving the needs of low-income and underserved communities. This agreement is an important step in ensuring that the bank is meeting its social responsibilities and providing equitable service to all of its customers.

The agreement was signed in 2016 and outlines several key commitments that Fifth Third has made to the community. These commitments include investing in low-income and minority-owned businesses, increasing financial education and literacy, and providing affordable housing options. Additionally, the bank has committed to increasing its lending in low-income and minority neighborhoods.

One of the most significant aspects of the agreement is Fifth Third`s commitment to investing in small businesses. The bank has pledged to provide $10 billion in loans to small businesses over the next five years. This funding will help to support local economies and create jobs in underserved communities.

Fifth Third`s commitment to increasing financial literacy is also an essential part of the agreement. The bank has pledged to provide financial education to at least 1 million people over the next five years. This education will include topics such as budgeting, saving, and credit management and will help to empower individuals to take control of their financial well-being.

Providing affordable housing options is also a significant part of the agreement. Fifth Third has pledged to invest $32 billion in affordable housing over the next five years. This investment will help to ensure that low-income and underserved communities have access to safe and affordable housing.

Finally, Fifth Third has committed to increasing its lending in low-income and minority neighborhoods. The bank has pledged to lend $31 billion in low- to moderate-income communities over the next five years. This lending will help to support economic growth and development in these communities.

Overall, the Fifth Third Community Benefits Agreement is an important step in ensuring that the bank is meeting its social responsibilities and serving the needs of all of its customers. By investing in small businesses, increasing financial literacy, providing affordable housing options, and increasing lending in underserved communities, Fifth Third is helping to support economic growth and development in the areas that need it most.