Buffalo News, August 8, 2025, Reflecting on Key-First Niagara deal, a decade later
Before the deal was even finalized, Key and the National Community Reinvestment Coalition announced a $16.5 community benefits plan touching markets in all 15 states where Key operated. The plan called for mortgage, small business and community development lending, as well as philanthropy, with an emphasis on serving low- to moderate-income communities.
Key in 2021 made an additional $23.5 billion commitment through an extension of its plan.
But Key and NCRC, a nonprofit based in Washington, D.C., would end up clashing. In 2022, the NCRC criticized Key for originating few mortgages with Black customers in Buffalo, accusations that the bank denied.
The NCRC cut ties with Key and later urged regulators to lower Key’s Community
Reinvestment Act rating, something that did not happen.
The NCRC renewed ties with Key last year.
“I think KeyBank has responded well to those concerns and has really made progress in lending to all communities,” said Jesse Van Tol, the NCRC’s CEO.
