Community Impact

Volunteerism is a core value at Discover and the way we can make a real difference in the communities in which we operate. The business case for community engagement is strong.

SUPPORT FOR BLACK-OWNED RESTAURANTS

COVID-19 has had a devastating effect on businesses across the United States. Among the most hard-hit by the pandemic are restaurants, particularly Black-owned restaurants which have been disproportionately impacted. To effect positive change during these difficult times, we created the Eat It Forward campaign, Discover’s Support for Black Owned Restaurants to provide $5 million in financial support to these businesses. From July to October 2020, we engaged consumers to nominate their favorite Black-owned restaurant on Discover’s Facebook, Twitter and Instagram pages, and also provided the restaurants with an opportunity to promote their businesses on social media. Based on these nominations, 200 winners were randomly selected to receive $25,000 each.

Providing capital to underserved communities contributes toward improving the opportunities for economic growth and advancement of disadvantaged families. Volunteer programs help engage and retain employees. Investments in youth development and education help to build a talent pipeline that companies can draw upon for their future workforce. These are just a few examples of how companies can do well by doing good. Being a responsible corporate citizen is simply the right thing to do and aligns with our values.

As a financial services company, we also provide support to communities consistent with the Community Reinvestment Act (CRA), a federal law intended to encourage depository institutions to meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods.¹ The CRA provides an additional incentive for banks to thoughtfully support the financial services needs of the community and can help improve the lives of many.

Community Reinvestment Act: Background & Purpose, Federal Financial Institutions Examination Council (FFIEC).