Page 20 - Riverwater 2020 Sustainability Report

2020 SUSTAINABILITY REPORT
OUTSIDE MANAGER IMPACT
COMMUNITY CAPITAL MANAGEMENT
The Community Capital Management CRA Qualified Investment Fund was launched in 1999 specifically to help banks meet the requirement of the CRA Investment Test, which included reinvestment in underserved and formerly redlined
communities. The fund strategy has broadened over the years and now invests in a variety of fixed income securities that have a positive social or environmental impact.
In May of 2020, in response to the coronavirus pandemic, CCM launched a $100 million initiative to invest in COVID-19 relief, giving investors an opportunity to provide capital to underserved people and communities, economic recovery programs, and small businesses. As of the end of 2020, CCM had invested $72 million on behalf of their clients toward this initiative.
One investment made by the fund in 2020 was in sustainability bonds issued by USAA Capital Corporation. These bonds support affordable housing, clean transportation, COVID-19 relief, and renewable energy. The net proceeds of these bonds are used to fund USAA projects that have environmental or social benefits. For example, USAA took measures10 to soften the financial burden of their members caused by COVID-19 by:
• Waiving banking fees for insufficient funds, overdrafts, late payments, and early withdrawals of CDs or annuities.
• Deferring members’ payments on mortgages and consumer loans.
• Waiving deductibles and co-payments for Medicare supplement clients for testing or treatment of
illnesses related to the COVID-19 virus.
10 CCM Impact Report
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