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
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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
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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
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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
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Brown, Casey, Colleagues Introduce Bill to Ensure a Fair Banking System, December 06, 2022, Brown, Casey, Colleagues Introduce Bill to Ensure a Fair Banking System “Letting Big Tech and commercial companies operate banks without proper oversight will only open doors for predatory lending, invasions of consumer privacy, and broader financial instability,” said Brown. “To protect
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
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