ATLANTA – September 7, 2021 – Operation HOPE today announced that U.S. Bank was joining Financial Literacy for All (FL4A), a coalition dedicated to embedding financial literacy within the US culture. Launched in May, FL4A is fueled by leaders from business, sports, media, entertainment, nonprofits and the public sector who have made a 10-year commitment to the initiative, co-chaired by Walmart CEO Doug McMillon and John Hope Bryant, Founder and CEO of Operation HOPE.
U.S. Bank joins Mastercard, BlackRock, FICO, Nextdoor, TIME for Kids, Santander, Truist and First Horizon Bank along with FL4A founding members Walmart, Disney, NFL, NBA, Delta Air Lines, Walgreens, Bank of America, Khan Academy and Ares Management as part of this first-of-its-kind coalition. U.S. Bank’s involvement complements FL4A’s existing efforts to promote greater financial well-being among American working adults and young people.
U.S. Bank has nearly 70,000 employees in 13 countries and more than 2,000 branches in 26 states. Their retail branch network in the United States is concentrated in the Midwest and West with a recent expansion to the East Coast, but their digital footprint is worldwide.
“U.S. Bank has committed to addressing social and economic inequities by providing and expanding financial literacy opportunities for our clients,” said Tim Welsh, vice chair of Consumer and Business Banking at U.S. Bank. “In addition to connecting with bankers who can discuss financial goals in person or online, our clients get access through our mobile app to personalized insights that help them reach their goals and manage their money. We look forward working with this coalition to create positive financial impact across the country.”
According to a recent CareerBuilder survey, the majority of US workers— regardless of income— are living paycheck to paycheck, which indicates a need for improved financial literacy. Many Americans are spending most, or all, of their monthly income on expenses. Once essentials are paid, there’s no money left over for savings and they lack an overall understanding of well-being. Underscoring the need for FL4A, the National Financial Educators Council also estimates that financial illiteracy costs American families an estimated $415 billion each year.
“Our commitment to providing financial literacy for all, regardless of income or socioeconomic status, can create a sustainable framework of success and equity for future generations,” said Operation HOPE Founder, CEO and Chairman John Hope Bryant. “This is not just about the economy, this is social justice work. Through FL4A, our mission is to make the American dream available to all.”
Since its launch, Financial Literacy for All has:
- Forged an agreement on best practices and strategic rollout to all demographic groups at a plenary session hosted by the Disney Institute and Operation HOPE. Senior leaders from committed partner companies examined historical approaches to financial literacy, shared their experiences and outlined an actionable vision to develop a best practice model to reach all Americans.
- Posted a Resource Directory of nonprofits and agencies currently offering best-in-class resources in the financial literacy space, which will be periodically updated. The free directory is available on the FL4A website.
For more Information, visit, www.FL4A.org.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $559 billion in assets as of June 30, 2021, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2021 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
About Operation HOPE, Inc.
Since 1992, Operation HOPE has been moving America from civil rights to “silver rights” with the mission of making free enterprise and capitalism work for the underserved—disrupting poverty for millions of low and moderate-income youth and adults across the nation. Through our community uplift model, HOPE Inside, which received the 2016 Innovator of the Year recognition by American Banker magazine, Operation HOPE has served more than 4 million individuals and directed more than $3.2 billion in economic activity into disenfranchised communities—turning check-cashing customers into banking customers, renters into homeowners, small business dreamers into small business owners, minimum wage workers into living wage consumers, and uncertain disaster victims into financially empowered disaster survivors. For more information: www.OperationHOPE.org. Follow the HOPE conversation on Twitter, Facebook and Instagram.
Susan Beatty, U.S. Bank
FL4A Partner Inquiries:
Kevin Boucher, Operation HOPE