KeyBank Receives Ninth Consecutive "Outstanding" Rating from OCC On Community Reinvestment Act Exam
CLEVELAND, May 21, 2018 /3BL Media/ – KeyBank has earned its ninth consecutive "Outstanding" rating from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam. KeyBank is one of the only U.S. national banks among the 25 largest to be rated “Outstanding” by the OCC for nine consecutive review periods, since the Act's passage in 1977.
"KeyBank’s commitment to helping clients and communities thrive is at the heart of how we do business,” said Beth Mooney, KeyCorp Chairman and CEO. "It’s not enough to simply satisfy compliance requirements; as a responsible bank, we believe in balancing mission and margin by going above and beyond to invest in the community. KeyBank’s decades long record of ‘Outstanding’ ratings on the CRA exam is a testament to the character of our people and their long-standing commitment to serving all communities.”
“It’s important to note that while the exam period ended in 2015, KeyBank’s commitment has not wavered since,” said Bruce Murphy, KeyBank’s Head of Corporate Responsibility. “In fact, we’ve amplified that commitment with our five year $16.5 billion Community Benefits plan, launched in 2017. In the first year of this plan, KeyBank invested $2.8 billion to help stabilize neighborhoods, support small businesses, build affordable housing, and provide mortgages.”
The Community Reinvestment Act requires banks to meet the credit needs of low- and moderate-income communities across America. The exam rates institutions in three categories: lending, investment, and services. Included in the assessment are bank practices such as mortgage lending, small business lending, community development lending, investments in community development organizations and projects, bank services to communities, and employee community involvement. For the overall rating and the three subcategories, banks are assigned one of four ratings: "Outstanding," "Satisfactory," "Need to Improve" or "Substantial Noncompliance." The OCC completes a CRA exam for a bank every three to four years. KeyBank's recent exam period covered January 1, 2012 – December 31, 2015.
Significant community achievements during the exam period (January 1, 2012 to December 31, 2015), which led to KeyBank's “Outstanding” rating, include:
- KeyBank extended more than $4.6 billion to developments in underserved communities in the form of debt and equity. Key's participation in commercial economic development projects stabilize and revitalize neighborhoods and provide affordable housing.
- KeyBank loaned $1.2 billion to small businesses in low-and-moderate income communities.
- KeyBank made nearly $2 billion in mortgages to low-and-moderate income individuals and communities.
- More than 28% of KeyBank branches were located in low-and-moderate income communities.
For more information about KeyBank’s community efforts, the National Community Benefits Plan and to view the 2017 Corporate Responsibility report, visit: http://www.key.com/crreport.
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About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $137.0 billion at March 31, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.
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