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.

“The creation of the Neighbors program under KeyBank’s foundation will provide millions of dollars of support for housing and community development practitioners to do the hard work of revitalizing communities,” said Ernie Hogan, Executive Director, Pittsburgh Community Reinvestment Group, Pittsburgh, PA.

“In Cleveland, and in other low- and moderate-income communities, a housing crisis remains in effect as other, more affluent communities enjoy the benefits of an economic recovery. The integral components of capital and investment, of safe, affordable mortgages and of access to beneficial banking products are the tools needed to increase the stabilization of our neighborhoods. KeyBank’s commitment to help address these needs will bridge the economic inequalities experienced by our residents,” said Lou Tisler, Executive Director, Neighborhood Housing Services of Greater Cleveland, Cleveland Ohio.

“Buffalo residents living on the city’s east side have been unbanked or underbanked for decades. The new branch will be an integral contribution to the future revitalization of the east side of Buffalo,” said Pastor James Giles, President, VOICE-Buffalo, Buffalo, NY.

“Small businesses in Dayton are languishing for a lack of capital. The targeted small business loans to low- and moderate-income communities in this commitment will create jobs where they are most needed. I’m especially pleased that the bank will focus on micro-enterprise and partner with technical assistance providers,” said Catherine Crosby, Executive Director, City of Dayton Human Relations Council, Dayton, Ohio.

“Access to safe, affordable financial products is an inherent component of stabilizing working families who are living paycheck to paycheck. We look forward to working with the local advisory council to make this happen in the Capital Region,” said Louise McNeilly, Director, Special Projects and Community Development Alliance, Affordable Housing Partnership, Albany, NY.

“Buffalo is booming, but our neighborhoods are suffering. Keeping branches in our neighborhoods and ensuring that they have products that help people build wealth is the goal. KeyBank has shown that they are willing to work with communities and committed to put resources behind this plan. The challenge will be in maintaining the transparency and collaboration that has gotten us this far,” said John Washington, Community Organizer, PUSH Buffalo, Buffalo, NY.

“This plan specifies targeted community development accompanied by technical assistance. Toledo will greatly benefit from this agreement,” said Peter Ujvagi, City Councilman, Toledo, OH.

“KeyBank’s home town is Cleveland. The revitalization of Cleveland neighborhoods depends on a strategic investment relationship between KeyBank and our neighborhood organizations. This agreement provides a blueprint for these relationships,” said Barbara Anderson, President, Another Chance of Ohio, Cleveland, OH.

In addition to NCRC and KeyBank, the agreement was signed by the following organizations:

Coastal Enterprises, Inc.


Community Loan Fund of the Capital Region

New York State Rural Housing Coalition

Affordable Housing Partnership

Empire Justice Center

United North

Casa of Oregon

Greater Rochester Community Reinvestment Coalition


City of Dayton Human Relations Council

Miami Valley Fair Housing Center

Neighborhood Housing Services of Greater Cleveland 

Ohio Fair Lending Coalition 

PUSH Buffalo 

Housing Research & Advocacy Center


Dayton YWCA

Working in Neighborhoods

Niagara Organizing Alliance for Hope

Community Action Committee of the Lehigh Valley

Home Repair Resource Center

Western New York Law Center

Pittsburgh Community Reinvestment Group


About NCRC:
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.


Summary of the Community Benefits Agreement between the National Community Reinvestment Coalition and KeyBank.

Under the Community Benefits Agreement, KeyBank will lend or invest $16.5 billion in low- and moderate-income (LMI) communities over a five-year period of time, beginning January 1, 2017. $16.5 billion is 12% of KeyBank’s total combined assets, or 16% of its deposits. KeyBank expects to invest up to 35% of that amount in the First Niagara/KeyBank footprint.

Mortgage Lending to Low- and Moderate-Income Communities
Community Benefits Commitment: $5.0 billion over 5 years

KeyBank will increase mortgage lending in low- and moderate-communities by $2.5 billion or 100% over the current rate of both institutions. Each market, including each of the First Niagara markets, should expect up to an average of a 20% compounded growth rate over the five-year period.

Small Business Lending to Low- and Moderate-Income Communities
Community Benefits Commitment: $2.5 billion over 5 years

KeyBank will increase small business lending in LMI communities over the five year period by $600 million, or 32% its current rate. KeyBank will expand investments in local and regional Community Development Financial Institutions (CDFIs) that provide micro-lending to micro-enterprises, products and services in the LMI community to support loan pools, EQ2 investing, and grants for technical assistance.

Community Development Lending and Investment (CDLI)
Community Benefits Commitment: $8.8 billion over 5 years

KeyBank will devote $8.8 billion over five years to community development investments and lending, an increase of $4.5 billion over its current rate, or over 100%. KeyBank will work with non-profit developers who serve low-income clients and would expect to invest in permanent supportive housing, housing for the elderly, special needs, seniors, workforce housing, and veterans. 

Community Benefits Commitment: $175 million over 5 years

The KeyBank Foundation will disseminate $35 million per year in grants for the period of five years. The five-year total of $175 million represents an increase of $85 million or nearly 100%. The bank will also create a new pillar of philanthropy, called “Neighbors,” to which $14 million per year will be devoted to support a broad range of housing and community development activities. Marketing and Communication KeyBank will commit $5 million annually, in marketing and communications resources, to engage in outreach to inform communities about KeyBank’s mortgage, small business and community development lending products covered under the plan.

Payday Lending

KeyBank will cease financing CASH America’s payday lending activity and wind down that client relationship as quickly as reasonably possible.

Branch Distribution and Access

Of a total of 27 LMI branches within one mile of each other that KeyBank considered closing, 13 were originally slated to be consolidated. Based on NCRC’s membership feedback, four of those 13 LMI branches will not be closed. Additionally, a new branch will be opened in an LMI census tract in East Buffalo.

Product Innovation

KeyBank has set a goal to create a product innovation fund of up to $3 million to test and pilot new products. Such activities and products include, but are not limited to, evaluating opportunities to work with nonprofit organizations able to provide mortgages under $50,000 and creating lease-to-own programs in New York and Ohio.

Plan Governance

KeyBank will develop a National Advisory Council to monitor and review the plan. NCRC will appoint 50% of the Advisory Council representatives. The Council will review and provide feedback to KeyBank about the performance of the Plan.

Rural Markets

KeyBank will focus on lending and investing in rural areas, especially in geographies such as Alaska, Maine, upstate New York, Ohio, Oregon, and the Rocky Mountains.

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