News Pub, November 16, 2023, Podcast: Today In Ohio – KeyBank
KeyBank has been rightfully blasted in the recent past for its poor record of lending in marginalized communities. Is it doing any better?
The National Community Reinvestment Coalition, which is a fair lending advocate, released a report yesterday that found KeyBank mortgage lending in marginalized areas worsened between 2018 and 2021 when the NCPRC worked together with KeyBank to help improve their lending practices. And they found the trend continued after they cut ties with KeyBank last year.
So they found in their report that black borrowers, they were 2.6% of loans granted in 2022. That’s down from 3% the year before and down 6.5% from 2018. Low and moderate income borrowers, they were 19.2%. That’s down just a little bit from 2021, from 19.7, but down from 38% in 2018. So we see a pretty steady downward trend there.
