Expand 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-ofnetwork 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 of 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.

What Citi has done so far:

  • Collaborating with Minority Depository Institutions (MDI)
    • Made plans to launch the Diverse Financial Institutions Unit, a dedicated team within Citi that will serve as a hub to lead and expand engagement with MDIs, driving investment and revenue generating opportunities.
    • Invested $39 million out of $50 million in growth capital to 10 MDIs across the U.S. to strengthen their ability to serve racially diverse households and entrepreneurs.
    • Closed nearly $20 million out of $50 million in affordable housing loan participation opportunities for MDIs to generate revenue and build their capacity to invest in larger transactions.
    • Launched the Citi MDI Rotational Program, a first-of-its-kind initiative, which embeds Citi executives within MDIs for up to a year to share expertise and help grow the MDI’s business.
    • Announced Bridge Built by CitiSM, a new online lending platform for small- and medium-sized businesses that will help drive lending opportunities for MDIs, as well as other local banks.
    • Piloted an effort that will bring MDIs to participate as investors in Citi’s Supply Chain Finance offering.
    • Launched a technical assistance program in collaboration with Deloitte and the National Bankers Association to support MDIs' talent development, enhance technology, and expand business networks. This effort includes a Board Ready program to help connect executives from seven MDIs with corporate board seats.
  • Expanding access to Citi products and platforms in collaboration with community and municipal partners
    • Launched a collaboration with the National Urban League to serve Black households by expanding access to the Citi® Access Account Package that includes low-cost savings and checking products.
    • Launched a collaboration with Local Initiatives Support Corporation (LISC) to serve households of color by expanding access to the Citi® Access Account Package that includes low-cost savings and checking products.
    • Signed a contract with the City of Los Angeles to provide services in support of its school-based children’s savings program called Opportunity LA, which will maintain no-cost college savings accounts for the benefit of students in LA’s Unified School district.
    • Collaborated with the City of San Jose and San Jose Public Library Foundation which is maintaining no-cost college savings accounts for the benefit of students at select Title 1 public schools using the Citi Start Saving® platform as part of San Jose Aspires.

Learn more about how Citi is strengthening the economic trajectory of minority-owned banks and the communities they serve.

Advancing Racial Equity in the Financial Services Industry

We're collaborating with minority Institutions to expand banking and access to credit in Black communities.

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