Last week, NCRC and KeyBank announced a 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.”
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