Climate Change Data

Environmental Metrics

ESG Focus Areas

• Community Reinvestment Act (CRA)

Social Achievements

• Launched the Learn to Dream Utah Scholarship Program, awarding 85 scholarships by the end of 2022.
• Invested over $12 million in qualifying activities by the end of year 2 of operations, focusing on affordable housing and economic development.

Governance Achievements

• Established a bank-wide management CRA Committee comprised of senior executives and a dedicated CRA Officer.

Climate Goals & Targets

Environmental Challenges

• Highly competitive market for financial services in the assessment area.
• Limited resources and expertise for community development underwriting due to de novo status and small staff size.
• Potential deterioration in the Bank’s ability to lend due to rising interest rates, increased regulatory requirements, or unfavorable business climate.
• Decreased supply of qualified CRA investments.
• Possible staff reduction.
• De novo status of the Bank and its impact on asset growth and community development product offerings.
• Legislation affecting the student loan industry (e.g., CARES Act, loan forgiveness).

Mitigation Strategies

• Utilizing third-party community development organizations (CDFIs) for community development loans and investments.
• Seeking investments on a statewide or regional basis if necessary.
• Collaborating with affiliates specializing in certain industries for underwriting assistance.
• Adjusting the plan if significant changes in assets, staff, or the regulatory environment occur.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Community Reinvestment Act (CRA)