Comerica Issues 2021 Corporate Responsibility Report

Rhea-AI Summary

Comerica Incorporated (NYSE: CMA) released its 2021 Corporate Responsibility Report, highlighting significant progress in key areas. Over 50,000 individuals participated in financial education programs, with 380 small business bootcamps aiding 17,000 small businesses. The company reduced Scope 1 and 2 emissions by over 57%, surpassing its 2025 target. Additionally, Comerica committed $5 billion in lending for small businesses and $1.7 billion in loans for environmentally beneficial projects. The establishment of an Office of Corporate Responsibility aims to enhance collaboration for community and environmental initiatives.

Positive

• More than 50,000 individuals engaged in financial education sessions, a 45% increase from 2020.
• Over 57% reduction in Scope 1 and 2 emissions, exceeding the target for 2025.
• Comerica committed $5 billion in lending for small businesses from 2021-2023.
• In 2021, $1.7 billion in loans were allocated to environmentally beneficial projects, a 42% increase from 2020.

Negative

• None.

DALLAS, July 6, 2022 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) released its 2021 Corporate Responsibility Report detailing advancements made on key environmental and social matters.

"At Comerica, we have identified key environmental and social issues where we have the ability to drive positive outcomes and help customers meet their own ever-evolving needs," said Curt Farmer, Chairman and Chief Executive Officer, 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 moderate-income individuals took part in Comerica $ense financial education sessions with nonprofit partners for adult, seniors, youth (including pre-K) and young adults, representing a 45% increase from 2020 outreach.
• Comerica's impact on local communities included hosting 380 small business bootcamps across its markets, which assisted more than 17,000 small businesses.

Addressing climate change

• Over the last decade, Comerica reduced Scope 1 and 2 emissions over 57%, exceeding its 50% reduction target for 2025, and well on the way to its 2030 target of 65%.
• Comerica participated in the Climate Safe Lending Fellowship program, joining a global cohort of bank sustainability professionals working to identify ways to align financial services with a more sustainable future.

Promoting a diverse, inclusive and equitable workforce

• Comerica's Diversity, Equity and Inclusion (DEI) office delivered diversity education to more than 80% of the employee population with a focus on unconscious bias, microaggressions and other anti-racism education.
• At the conclusion of 2021, 65% of U.S. colleagues and 52% of Comerica's managers were women, and 41% of U.S. colleagues were racial/ethnic minorities.
• Comerica's DEI Scorecard acts as the quantitative measurement tool used to ensure progress towards documented goals, both short- and long-term. In 2021, 100% of business units met their DEI performance goals.

Enhancing ESG-related product and service solutions

• In 2021, more than $1.7 billion in loans and commitments were coded to environmentally beneficial businesses or projects. This marks a 42% increase in loans and commitments coded as green versus 2020.

Providing access to capital focused on underserved communities, women, minorities and small businesses

• To ensure the success of small businesses, Comerica committed $5 billion in lending from 2021-2023.
• Comerica's 19 Business Resource Groups closed $418 million in business to support diverse communities.
• Comerica originated more than $2.5 billion in community and economic development loans.
• To help provide easy access to banking services in underserved neighborhoods, Comerica launched gomerica, a mobile bank.

In November 2021, Comerica announced the establishment of an Office of Corporate Responsibility that reports directly to Farmer. The division is designed to enhance collaboration across the bank and focus on addressing the five commitments above. 

"The creation of the Corporate Responsibility division has allowed us to further align valuable resources and continue building on the momentum we have already established to foster change now and into the future for our communities, customers and colleagues," said Wendy Bridges, Executive 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 objectives by driving green loan growth and improving the accuracy of data related to the bank's renewable efforts.

To further support our communities in 2021, Comerica provided low-income housing tax credit equity investments totaling $75 million and has recently launched an Affordable Housing Tax Credit Lending team. Projects like Edison Crossing in southeast Michigan, which is set to provide 30 newly constructed units, brings opportunities to low- to moderate-income communities. Edison Crossing will provide Permanent Supportive Housing for chronically homeless individuals and households. Along with housing, the project will feature wrap around 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, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $89.2 billion as of March 31, 2022.

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SOURCE Comerica Incorporated

FAQ

What are the key highlights from Comerica's 2021 Corporate Responsibility Report?

The report highlights over 50,000 individuals participating in financial education, a 57% reduction in emissions, and $5 billion committed for small business lending.

How much did Comerica invest in environmentally beneficial projects in 2021?

Comerica allocated $1.7 billion in loans towards environmentally beneficial projects in 2021.

What is Comerica's commitment regarding small business support from 2021 to 2023?

Comerica has committed $5 billion in lending to support small businesses from 2021 to 2023.

When was the Office of Corporate Responsibility established at Comerica?

The Office of Corporate Responsibility was established in November 2021.

What percentage of Comerica's workforce are women and racial/ethnic minorities?

As of 2021, 65% of U.S. colleagues were women, and 41% were racial/ethnic minorities.