CHARLOTTE, N.C. – Bank of America, which is grappling with how to deal with its portfolio of defective mortgages, last week released its first Corporate Social Responsibility Report, highlighting good deeds it performed in 2010.
An apparent attempt to counteract negative publicity the bank has attracted for its part in the mortgage crisis, the report notes Bank of America’s effort to promote:
- Fairness and transparency in its products and services.
- Lending and investing activities in low-income and underserved communities.
- Community-focused philanthropic investments.
- 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,” Brian T. Moynihan, the bank’s CEO, said in a statement. “This report provides an overview of important company initiatives and helps illustrate the progress we’ve made.”
An executive summary and the full report are available online at www.bankofamerica.com/opportunity.
Bank of America said examples of its corporate social responsibility for 2010 include:
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- Extending Clarity Commitment statements to small business credit card accounts and Bank of America Home Loans customers.
- Developing “Investor Education” fact sheets for wealth-management customers that describe investment solutions in plain language.
- 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 stronger 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 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.
- Providing $200 million in philanthropic giving, making the bank the second largest cash giver in the country.
- Providing more than $1 billion in loans and investment to more than 120 community development financial institutions, 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 initiative 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.
- 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 the customer and employee diversity and inclusion initiatives that have earned the company public recognition from G.I. Jobs, the Securities Industry and Financial Markets Association, Human Rights Campaign, Black Enterprise and many others.
