Comerica releases its 2021 Corporate Responsibility Report
DALLAS, July 6, 2022 /PRNewswire/ — Comerica Incorporated (NYSE: CMA) has released its 2021 Corporate Responsibility Report detailing progress on key environmental and social issues.
“At Comerica, we have identified key environmental and social issues where we have the ability to deliver positive results and help customers meet their own evolving needs,” said Curt FarmerChairman and CEO, Comerica Bank and Comerica Incorporated.
Comerica’s 14th Annual Corporate Responsibility Report details the company’s progress in 2021 in the following areas:
Investing in financial education for underserved communities
- More than 50,000 low-to-middle income individuals have participated in Comerica $ense financial education sessions with nonprofit partners for adults, seniors, youth (including pre-K), and young adults, representing a 45% increase compared to 2020.
- Comerica’s impact on local communities included hosting 380 small business boot camps in its markets, which helped more than 17,000 small businesses.
Coping with climate change
- Over the past decade, Comerica has reduced Scope 1 and 2 emissions by more than 57%, exceeding its 2025 50% reduction target and on track to meet its 2030 65% target.
- Comerica participated in the Climate Safe Lending Fellowship program, joining a global cohort of banking sustainability professionals working to identify ways to align financial services with a more sustainable future.
Promote a diverse, inclusive and equitable workforce
- Comerica’s Office of Diversity, Equity and Inclusion (DEI) provided diversity education to over 80% of the employee population, with a focus on unconscious bias, microaggressions and other anti-racism education programs.
- At the end of 2021, 65% of American colleagues and 52% of Comerica managers were women, and 41% of American colleagues were racial/ethnic minorities.
- Comerica’s DEI Dashboard acts as the quantitative measurement tool used to ensure progress toward documented, short- and long-term goals. In 2021, 100% of business units met their DEI performance targets.
Improving ESG-related product and service solutions
- In 2021, more than $1.7 billion in loans and commitments were coded for companies or projects beneficial to the environment. This represents a 42% increase in loans and commitments coded as green compared to 2020.
Provide access to capital focused on underserved communities, women, minorities and small businesses
- To ensure the success of small businesses, Comerica is committed $5 billion in loans from 2021 to 2023.
- Closure of Comerica’s 19 commercial resource groups $418 million in business to support diverse communities.
- Comerica hails from more than $2.5 billion in community and economic development loans.
- To facilitate access to banking services in underserved neighborhoods, Comerica launched gomerica, a mobile bank.
In November 2021, Comerica announced the creation of an Office of Corporate Responsibility that reports directly to Farmer. The division is designed to improve collaboration within the bank and focus on achieving the five commitments above.
“Creating the Corporate Responsibility division has allowed us to align more valuable resources and continue to build on the momentum we have already established to drive change now and in the future for our communities, our customers and our colleagues,” said Wendy BridgesExecutive Vice President, Corporate Responsibility.
More recently, Comerica announced the expansion of its Environmental Services Department (ESD) with the introduction of the Renewable Energy Solutions group. With its newest addition, Comerica can better align credit resources, including underwriting and approval, drive greater organizational consistency, and benefit its broader sustainability goals by driving green lending growth and improving lending. accuracy of data related to the bank’s renewable efforts.
To further support our communities in 2021, Comerica provided equity investments in the Low-Income Housing Tax Credit totaling $75 million and recently launched an affordable housing tax credit team. Projects like Edison Crossing in the Southeast Michigan, which is expected to provide 30 newly constructed units, provides opportunities for low to moderate income communities. Edison Crossing will provide permanent supportive housing for chronically homeless individuals and households. In addition to housing, the project will include comprehensive services that include benefit assistance, mental health services, financial management, employment training and literacy services.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company headquartered in Dallas, TX, and strategically aligned with three business segments: commercial banking, retail banking and wealth management. Comerica focuses on relationships and helping people and businesses succeed. In addition to TexasComerica Bank branches are located in Arizona, California, Florida and Michiganwith selected companies operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $89.2 billion of the March 31, 2022.
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SOURCE Comerica Incorporated