Best Corporate Steward Finalist: Capital One
The "Shared Value" Category
Excerpts from the nomination:
A Fortune 500 company, Capital One Financial Corporation has more than 50 million customer accounts and one of the most widely recognized brands in America.
Our community involvement commitment:
As a local bank, we are uniquely positioned to catalyze economic opportunities for individuals, families, and small businesses in communities across our footprint. In this way, wherever we do business, Capital One is helping our communities thrive.
Through an integrated program that we call “Investing for Good,” we’re orchestrating the delivery of high quality banking services along with specialized community development lending, philanthropic support, and pro bono volunteering to generate lasting, local community impact and valuable business results.
Through "Investing for Good," we focus our community investments in four areas that are key building blocks of economic opportunity:
- Affordable housing
- Small business and workforce development
- Financial Literacy.
Capital One has significantly grown our community development lending and investing, even during the economic downturn, supporting affordable housing development and revitalization of low- and moderate-income communities across our footprint. During the recession, as the market decreased 45 percent for community development loans, we increased ours by 270 percent.
In 2011, Capital One associates contributed more than 192,000 hours to communities, through such efforts as:
- One Week: A company-wide week of service. In 2011, a third of all associates participated, contributing nearly 30,000 hours to communities. Through more than 650 projects, we served more than 200,000 community residents.
- Pro Bono Service: Associates in our Brand Marketing, IT, HR, Finance, Operations, Process Analysis, Real Estate, and Legal departments contribute their professional skills to nonprofits. Our associates have contributed the equivalent of nearly $6 million in pro bono work to our communities.
Financial literacy for all ages
We invest in financial literacy programs to set individuals of all ages on the path to a life of fiscal responsibility and economic self-reliance. In 2011, more than 73,000 people participated in our financial literacy programs. This represents more than a 100 percent increase from 2010, due to increased program efficiencies and the addition of online versions of several of our programs. Participant program evaluations show knowledge gains, as well as enhanced levels of comfort in talking about and managing money.
In 2011, our associates volunteered more than 28,000 hours through Capital One's Investing for Good Financial Literacy programs, such as:
KidzBank:Capital One Bank is helping introduce elementary school students to the importance of saving money with KidzBank, an online software program for the classroom. The program helps students set savings goals and learn about basic money management with local classroom support from Capital One Bank volunteers. Local Capital One Bank branches provide the savings accounts for the participating schools. We have also integrated into the program adult financial education programming for students' parents/guardians to help reinforce the lessons learned in the classroom at home.
Capital One/Junior Achievement Finance Park:This innovative mobile financial education program teaches the tenets of money management to middle school students. Following four weeks of in‐class lessons, students enter a mock city where they become “adults for a day,” developing and managing a budget and making real‐life financial decisions. In 2011, Capital One and Junior Achievement together served our 100,000th student. Capital One has also donated several Finance Park mobile units to local communities in need and provided $2.5 million in financing for the development of a permanent Finance Park facility serving the Greater Washington DC region.
Bank It: This financial literacy program, at www.bankit.com, makes it easier for parents and teens to understand, talk about, and manage their money. Through an interactive Web site and workshops on 12 key financial topics, the program empowers families to explore budgets, goals and strategies for making financial choices that matter to them. Bank It was developed collaboratively by Capital One and Search Institute, a leader in positive youth, family and community development. In 2011, Capital One expanded the program to also serve elementary school students.
Student-Run Bank Branches:In partnership with local school districts, Capital One Bank has opened four working branches inside of high schools in New York, New Jersey and Maryland. The branches are run by high school seniors, who provide savings products for students, staff and administrators. The students are also responsible for teaching their fellow peers money management skills. In partnership with local universities, the students also receive college preparatory experiences. Nearly all of the former student bankers have since enrolled in college.
MoneyWi$e:In 2001, Capital One and Consumer Action, a consumer advocacy and education group, partnered to create MoneyWi$e -- a national personal financial education program offering free, multilingual materials and community-based training opportunities on topics such as banking, money management, credit, saving, identity theft, elder fraud, micro-business, and homeownership. To date, the program has reached more than 3.5 million consumers, and more than 4,000 community groups have utilized the MoneyWi$e materials. We facilitate train-the-trainer sessions with Consumer Action and our community-based partners across the country, as well as train our bankers to use the MoneyWi$e materials with local community members.