OFN’s Statement on Capital One’s Historic $265 Billion Community Benefits Plan

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Yesterday, Capital One announced the details of its $265 billion, five-year Community Benefits Plan (CBP), the largest of any such agreement to date. The plan includes a $600 million commitment to community development financial institutions (CDFIs); $575 million in Community Reinvestment Act (CRA)-qualified philanthropy; and, over $15 billion to small businesses and businesses in low and moderate income (LMI) communities who would otherwise be limited in their access to credit and capital.  

“OFN is committed to working with bank partners across the country to ensure our communities have access to affordable, responsible financial solutions through our members,” said Harold Pettigrew, OFN President and CEO. “Throughout this process, we were encouraged by Capital One’s owning of areas where it has room for improvement and openness to discussing ideas beyond its comfort zone. We look forward to continuing to work together to deliver on the plan’s commitments and help drive capital to the communities that need it most.” 

“Capital One truly values OFN’s partnership in the process of developing this CBP and looks forward to deepening it throughout implementation,” said Andy Navarrete, Executive Vice President and Head of External Affairs at Capital One. “OFN’s tough, and valid, feedback throughout pushed us in ways that are reflected in the agreement’s commitments.” 

The negotiating process for the proposed CBP was robust, led by four community groups – OFN, NALCAB, NeighborWorks, and Woodstock Institute – and informed by conversations with Capital One’s longstanding Community Advisory Council and engagement with more than 100 community organizations nationwide and more than 100 local, state, and federal elected officials.  

This proposed CBP represents a big step forward for Capital One and a significant investment in the communities served by OFN members. At $265 billion, this plan is twice as large as any previous CBP. The plan’s $600 million in capital for CDFIs is a 600% increase in Capital One’s current CDFI lending and investment. The CBP also triples the dollar volume of grants to CDFIs. 

Throughout the process, OFN was encouraged by Capital One’s willingness to hear and meaningfully respond to pointed feedback about their previous performance and opportunities to leverage the community benefits process for catalytic impact in communities. Capital One also made specific transparency commitments. Semi-annually, Capital One will report to the Federal Reserve and the Office of the Comptroller of the Currency, update the firm’s Community Advisory Council, and share a public report of its performance on its website.  

Specific elements of Capital One’s 2025-2029 commitments, which are viewable in their entirety here, are detailed below: 

• $44 billion in community development financing, including: $38.3 billion in community development loans and investments for affordable housing, a 30% increase over previously planned activities; and, $5.5 billion in New Market Tax Credit, alternative energy and municipal bond investments to support challenges in low-income communities, including employment, food accessibility, healthcare, education, and municipal development. 

• $600 million in capital for CDFIs, a 600% increase over previously planned activities.  

• $575 million in CRA-qualified philanthropy, a 29% increase over planned activities, including a 300% increase in grants for CDFIs, alongside increased investments in homeownership, resident services and rent reporting, credit counseling, and artificial intelligence. 

• $15 billion in lending to small businesses in LMI communities and/or businesses with $1 million or less in revenue, and tools for small business growth. 

• $5 billion in anticipated spending with diverse suppliers, a 70% increase over historic levels, and expanded development programs providing tools, resources, and guidance to drive capacity and long-term impact.   

• Expanded access to the banking system through significant growth of Capital One’s flagship, no-fee checking account – which has no minimum balance requirements, and no overdraft fees; maintaining 30% of branches and Cafés in LMI census tracts; and opening additional Cafés in LMI communities.  

• New products, features, and programs focused on addressing the needs of underserved populations. 

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Tags: CDFI Leadership, Community Reinvestment Act (CRA), Impact Investing, OFN Membership, Small Business