U.S. Bancorp

US Bank Declares End to Oil and Gas Pipeline Loans—Then Quietly Joins $4B Deal with Dakota Access Owner

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At a shareholder meeting this past spring, U.S. Bank announced it would be the first large American bank to completely stop issuing loans for oil and gas pipeline construction projects.

Environmental groups, indigenous activists, and divestment advocates hailed U.S. Bank's announcement as a triumph.

Yet that triumph — and the bank's commitment — seems less sure with the news that U.S. Bank has entered into a new $4 billion loan deal with the company behind the contentious Dakota Access pipeline (DAPL).

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