NCRC and KeyBank have a long history of working together to promote access to credit. However, in recent years, NCRC has raised concerns about KeyBank’s lending in minority and underserved communities and whether it has kept its promise to be a leader in inclusive home mortgage lending. NCRC’s reports have focused on certain metropolitan areas, including Philadelphia, New York, Hartford, Bridgeport, and New Haven. KeyBank disputes NCRC’s reports, but values its relationship with NCRC and is committed to serving all communities within its footprint.
Today, to resolve these concerns, NCRC and KeyBank are announcing an agreement to work together. This agreement will allow NCRC and KeyBank to renew their relationship to ensure greater levels of investment in minority and underserved communities.
As part of this agreement:
- KeyBank will provide $17 million to fund grants, down payment assistance, fee waivers, product and branch expansion and marketing, designed to expand credit and assist loan applicants in minority and underserved communities.
- KeyBank and NCRC will be independently responsible for allocating $8.5 million each with meaningful input from the other.
- KeyBank will provide $8 million to support NCRC’s mission.
- KeyBank and NCRC will collaborate on an ongoing basis to continue to improve KeyBank’s lending to minority and underserved communities.
Jesse Van Tol, the CEO of NCRC, and Chris Gorman, the CEO of KeyBank, have met to discuss the renewed commitment, future partnerships, and the respective goals both organizations hope to achieve as they chart a new path forward together to continue and enhance investment in minority and underserved communities.
