Buffalo News, November 16, 2023, KeyBank Again Criticized By Coalition Over Lending Practices
A national coalition of community groups is again criticizing KeyBank over its track record of home purchase loans with Black and low-income borrowers.
The National Community Reinvestment Coalition claims Key’s results worsened since the organization released a similar report last December.
The NCRC’s latest report, citing federal data, said Black borrowers represented 2.6% of Key’s home purchase mortgage loans in 2022, down from 3% in 2021. And Key made 19.2% of its home purchase loans to low- and moderate-income borrowers last year, down from 19.7% in 2021, the coalition said.
The NCRC said the decline is more significant when compared to 2018 data, when Black borrowers represented 6.5% of Key’s home purchase loans, and over 38% of the bank’s home purchase loans were with low- to moderate-income borrowers.
