Announcing our community benefits plan

Committed to financial
inclusion and well-being

Capital One’s historic community benefits plan, which was developed as part of our proposed acquisition of Discover Financial Services, totals more than $265 billion in lending, investing and philanthropy over five years.

This plan demonstrates that the combination of Capital One and Discover will create an opportunity to provide more lending, investment, and services to underserved communities than the institutions would undertake on a stand-alone basis.

These commitments will aim to expand economic opportunity for underserved consumers, including those in low- and moderate-income (LMI) neighborhoods, rural areas, and communities of color. It will support increased access to best-in-class products and services for unbanked or underbanked consumers as well as consumers across the credit spectrum and expand access to capital and opportunity.

The five-year plan is designed to:

  • Enable greater access to safe and affordable housing
  • Expand access to credit so small business owners can sustain and grow their businesses
  • Increase access to credit for LMI consumers
  • Build high-quality local infrastructure to facilitate the delivery of essential services, and
  • Support the development of schools, civic centers, and healthcare facilities that are vital to building strong and vibrant communities
Read the press release
Our community benefits plan by the numbers
Community Development
$
44
B
in capital for affordable housing, economic development, public infrastructure, and alternative energy
Small Businesses
$
15
B
in lending to small businesses and businesses in LMI communities to improve access to credit and capital
Consumer Lending
$
200
B
in consumer lending to low- and moderate-income (LMI) consumers and consumers who reside in LMI communities nationwide
Philanthropy
$
575
M
in philanthropy, representing a nearly 30% increase over previously planned activities
Suppliers
$
5
B
in anticipated spend with diverse suppliers, representing an over 70% increase to historic levels over the duration of this plan
CDFIs
$
600
M
in support for Community Development Financial Institutions (CDFIs) beyond our community development financing commitment

This plan will be more than twice as large as any other community commitment developed in connection with a bank acquisition.

The plan includes significant financial and programmatic investments in support of critical economic priorities including housing affordability, no-fee banking access and small business growth.

Engaging with our communities

Responsive to community needs

The plan was developed in partnership with the National Association for Latino Community Asset Builders (NALCAB), NeighborWorks America, the Opportunity Finance Network (OFN), and the Woodstock Institute.

In addition to a robust negotiating process led by the four community groups identified above, which collectively represent more than 800 nonprofit organizations nationwide, Capital One’s plan was informed by conversations with the company’s long-standing Community Advisory Council, more than 100 community organizations nationwide, and more than 100 local, state, and federal elected officials to discuss the acquisition and hear ideas for how our efforts and community benefits plan could be most responsive to the needs of communities across the country.

Download the plan overview