Hi Friend,

Since 2016, NCRC has facilitated the creation of community benefits agreements with 21 bank groups worth a combined $589 billion for mortgage, small business and community development lending, investments and philanthropy in less privelaged communities. The very first of these agreements was with KeyBank.

This morning we announced that we are withdrawing from negotiations for a new community benefits agreement with KeyBank.

We also published a report that found that from 2018-2021 KeyBank had the lowest percent of mortgage originations to Black borrowers among the 50 largest mortgage lenders, and a dramatic drop in the bank’s overall lending to low- and moderate-income (LMI) borrowers.

Here’s more on what we found:

Press release: KeyBank Promised To Improve, Then Became The Worst Major Mortgage Lender For Black Homebuyers

Report: KeyBank Failed Black America Despite Its Commitments To Improve

Background: How NCRC Brings Banks And Local Leaders Together For Community Benefits Agreements

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Thanks for your continued interest in NCRC’s work, on many fronts, to make a Just Economy a national priority and a local reality.

Team NCRC