I strongly support Capital One’s proposed merger with Discover, particularly in light of their ambitious $265 billion Community Benefits Plan (CBP). As someone who spent years running a company with locations across Oregon, I’ve seen firsthand how critical stable, affordable housing is to the health of our communities and the strength of our economy.
Bend, where housing shortages are acute, illustrates the urgent need for solutions. According to Oregon’s 2025 Housing Needs Analysis, Bend must add nearly 32,000 housing units over the next 20 years to keep pace with growth, with almost 13,000 of those homes needing to be affordable for low-income earners. As The Bend Bulletin rightly observed in its August editorial “Bend’s housing production is relatively high, just not enough”, “a community with so little housing that teachers, firefighters, police officers, and so many other workers must struggle to live here is not a healthy community.”
My experience managing a company with employees living in different parts of the state underscores this point. When housing is unaffordable or inaccessible, it creates ripple effects that harm not just individual families but also businesses and the broader economy. Employees who are forced to commute long distances or struggle to find stable housing are less able to focus on their work, and that instability affects productivity and retention. Stable housing, on the other hand, enables workers to thrive, businesses to grow, and communities to prosper.
That’s why Capital One’s CBP is so important. Affordable housing is a cornerstone of the plan, with over $35 billion committed to supporting housing initiatives for low- and moderate-income (LMI) communities and individuals. This includes major investments in the Low-Income Housing Tax Credit (LIHTC) program, which finances high-quality, resident-focused developments. These efforts build on the $5.4 billion Capital One has already financed nationwide, representing a nearly 30% increase in their affordable housing activities.
For cities like Bend and beyond, this commitment could be transformative. Oregon faces a deficit of more than 100,000 affordable rental units for low-income households. Capital One’s investments will help address this gap, stabilizing housing markets, strengthening neighborhoods, and creating a foundation for economic growth.
Additionally, the CBP allocates $500 million to nonprofit Community Development Financial Institutions (CDFIs) that focus on affordable housing, small business support, and consumer lending. These resources will empower local organizations to craft targeted solutions tailored to their communities’ unique needs.
As someone with a vested interest in fostering strong local economies, I also see great value in the CBP’s broader commitments. The $15 billion earmarked for small business lending in LMI areas and the $5 billion allocated for spending with diverse suppliers will create opportunities for Oregon’s entrepreneurs to thrive. These initiatives are especially meaningful in a state where Black, Latino, and women-owned businesses are growing steadily.
As federal regulators review this merger, I urge them to consider the far-reaching benefits of Capital One’s Community Benefits Plan. My experience has shown me that stable housing and vibrant local economies go hand in hand. Bend’s housing crisis and Oregon’s broader economic challenges demand bold, innovative solutions, and the CBP can be an important part of what must be a multifaceted approach.
I wholeheartedly support this initiative and look forward to the positive impact it will bring to Bend, Oregon, and beyond.
The above article was prepared by the author in his/her own personal capacity. The opinions expressed in the article are the author’s own and do not necessarily reflect the views of Cascade Business News or of Cascade Publications Inc.
