In the News

Next, December 16, 2022, Report calls KeyBank worst major mortgage lender for Black homebuyers The NCRS said it found “indications” of redlining practices in major cities including Philadelphia, Cleveland, Seattle, and others. Redlining means the bank approved mortgages for low-income White applicants at a higher rate than for high-income Black applicants. In 2016, KeyBank pursued […]

Messenger-Inquirer, December 15, 2022, Old National closing Southtown branch Wade Jenkins, Owensboro market president for Old National, said, “We routinely review our banking center locations to ensure that they are distributed in a way that meet our clients’ needs and banking preferences.” CNBC says that 2,927 branches closed nationally in 2021. And the National Community

Pittsburgh Post-Gazette, December 15, 2022, Advocates urge KeyBank to boost its home lending to Blacks The dispute between the bank and the advocacy organizations became public when representatives from the National Community Reinvestment Coalition in Washington, D.C., said KeyBank made promises to increase its lending to low-income people, Blacks and other minorities in 2016 when

Bloomberg, December 14, 2022, Chicago Taps Brakes on Gentrification With a Tax on Teardowns  Right next to the California stop on Chicago’s Blue Line, one-bedroom apartments in a new luxury building start north of $2,000 a month. Recently built single-family homes on adjacent streets frequently go for $1 million or more. Coffee shops and craft breweries have become

Market Watch, December 13, 2022, ‘This is classic redlining’: A nonprofit ends its relationship with KeyBank over allegations of failing Black home buyers The Justice Department declined to comment on allegations made by the NCRC. The Consumer Financial Protection Bureau, which enforces the Equal Credit Opportunity Act to curtail discrimination in credit transactions and has

The American Prospect, December 13, 2022, KeyBank Promised to Increase Low-Income Lending, Then Did the Opposite “This example is exactly why we need to re-evaluate the merger approval process,” said Jesse Van Tol, NCRC’s president and CEO. A review of the historically permissive bank merger procedures is under way, and sorely needed. For outside groups

The Buffalo news,  December 8, 2022,  Community coalition criticizes KeyBank over lending to Black customers In a report released Thursday, the NCRC blasted Key’s performance with low- and moderate-income borrowers and communities, accusing the bank of failing to meet its commitments to improve its lending in those categories over the past several years. Citing federal

National Mortgage News, December 13, 2022, FHFA asked to raise income limits for 3% down-payment programs “Origination rates for white applicants were higher than that for Black applicants regardless of applicant income level,” NAREB noted in its report, which includes research from authors James Carr and Michela Zonta. (Carr is a housing finance and policy

Banking Dive, November 29, 2022, BMO unveils $40 Billion community benefits plan BMO developed the plan with input from more than 85 community groups through listening sessions facilitated by the National Community Reinvestment Coalition (NCRC) and the California Reinvestment Coalition (CRC). A number of community advocates expressed their concerns over the deal during a July public hearing held

WBRC, November 30, 2022, Over 50 affordable homes set to help revitalize the Pratt City community New neighbors will soon be moving into the North Pratt community. The National Community Reinvestment Coalition (NCRC) is partnering with Birmingham and several banks to break ground on an affordable housing project. The community leaders who spoke at the

Housing Wire, November 29, 2022, Study reveals alarming inequality trend for Black, Native American borrowers In July 2022, Movement Mortgage paid $75,000 to resolve allegations of racial discrimination against Black and Hispanic borrowers seeking mortgages in the Seattle-Tacoma area. Undercover testers from the National Community Reinvestment Coalition filed a complaint claiming that the South Carolina-based lender had significantly higher application

American Banker, November 28, 2022, BMO inks community agreement as it seeks to close Bank of the West deal The deal is a “substantial move in the right direction by addressing racial equity and access to capital in specific and tangible ways that will create more economic inclusion,” Jesse Van Tol, president and CEO of

North Bay Business Journal, November 22, 2022, Mobile banking picks up speed in California Wine Country U.S. bank retail branch closures were up 38% in 2021 during the pandemic breaking the record set in 2020 as more people banked online, according to the National Community Reinvestment Coalition. Banks eliminated 11,820 branches nationwide in the 10

The Courier Herald, November 17, 2022, Everything housing on the Plateau | Part III The National Community Reinvestment Coalition found two-thirds of banking institutions have disappeared since the early 1980s, with small banks suffering the greatest decline. Altogether, nine percent of all brick-and-mortar bank locations in the U.S. closed between 2017 and 2021. Consumer advocacy