At its April 2017 Shareholders Meeting, US Bank’s parent US Bancorp announced a new “Environmental Responsibility Policy” declaring they would no longer finance pipeline projects, and would subject current and prospective customers to “enhanced due diligence” if their activities supported pipeline construction, hydraulic fracturing operations, mining or forestry.
Energy Builders took strong exception to the policy, writing an open letter to the banks officers and directors objecting to the policy as shortsighted, discriminatory, adverse to its shareholders’ interests, and contrary to national goals of energy security and infrastructure development. Another letter alerted President Trump and his cabinet to the bank’s misguided policy, and recommended the federal government in turn subject the bank to “enhanced due diligence” in its dealings with the bank. Finally, Energy Builders also launched a member letter-writing campaign sending objecting letters to members’ Congressmen and Senators at both the state and federal levels.
We received numerous reports back from our members describing various actions taken by companies to reduce their activities with the bank based on the offending policy.