Hudson Valley Press, May 17, 2023, Regulators Told Key Bank Broke $16.5b Promise
“If you or I break a promise to our bank, they hold us accountable with fees. When a bank breaks promises, the law says there are consequences – and it’s our government’s job to enforce that accountability,” National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol said.
“KeyBank got an ‘Outstanding’ rating two years ago – and it’s clear now that was the wrong call,” continued Van Tol. “They promised to use their merger with First Niagara to buoy the economic interests of under-resourced communities, then turned around and did the opposite in most of the cities they serve – all while passing the new profits from the merger on to shareholders and insiders. Regulators have an obvious duty to act, not only for the communities KeyBank hoodwinked but also to show the industry as a whole that this kind of conduct is not okay.”
