NCRC and KeyBank Announce Landmark $16.5 Billion Community Benefits Agreement
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) and KeyBank signed a landmark $16.5 billion community benefits agreement. The commitment, signed at the 2016 NCRC Annual Conference, is the largest by a single bank in recent history. KeyCorp’s Chairman and CEO Beth Mooney and NCRC’s President and CEO John Taylor were joined at the signing by community leaders from New York, Pennsylvania, Ohio, Oregon, and Maine.
The commitment includes mortgage, small business, and community development lending, and philanthropy in low- and moderate-income (LMI) communities. It will be carried out over five years, beginning in 2017.
A summary of the agreement can be found here.
“This commitment is the result of a collaborative process with community members and bank leaders after months of give and take, resulting in a substantive and detailed commitment of resources and services to communities throughout the KeyBank and First Niagara Bank footprints,” said NCRC President and CEO John Taylor. “This is in contrast to several banks’ recent announcements of commitments that did not engage community leaders or have a system for evaluating the success of that commitment.”
Taylor continued, “This success would have been impossible without the leadership of the highest ranks of the bank making a genuine commitment to increase banking access to traditionally underserved people. Absent the CEO in these dialogues we would never see the level of commitment and detail as made in this agreement. Such commitments begin and end at the highest levels of institutions, and we applaud the leadership of KeyCorp’s Chairman and CEO Beth Mooney and Executive Vice President and Head of Corporate Responsibility Bruce Murphy for encouraging a commitment that is a real win for everyone involved.”
“The community benefits plan is a very significant victory for Rochester and for upstate New York communities. The infusion of millions of dollars in lending and community development to low- to moderate-income communities will be an important step for stabilizing neighborhoods devastated by the recession,” said Ruhi Maker, Senior Attorney, Empire Justice Center, Rochester, NY.
“KeyBank’s Community Benefits Plan will provide necessary banking infrastructure in areas that are traditionally underserved in Buffalo and Western New York. The community is committed to working with KeyBank to achieve their commitment to branch expansion, staffing, services, and investment to ensure that financial services and capital get to communities in Buffalo that have gone without banking resources for decades,” said Thomas Keily, Consumer Data and Research Coordinator, Western New York Law Center, Buffalo, NY.