The KeyBank Community Benefits Agreement was reached in 2016 and came into effect on January 1, 2017. The agreement lasts for five years and commits KeyBank to increased levels of investment and product innovation across their national footprint with specific amounts outlined for the Buffalo-Niagara region. Here is KeyBank’s Agreement Summary.
As part of KeyBank’s Community Benefits Agreement, KeyBank will lend or invest $16.5 billion in low-and-moderate income (LMI) communities over a five-year period of time, beginning January 1, 2017.
The plan includes:
- Mortgage lending to low-and-moderate income communities: $5.0 billion over five years
- Small business lending to low-and-moderate income communities: $2.5 billion over five years
- Community Development Lending and Investment (CDLI): $8.8 billion over five years to invest in permanent supportive housing and non-profit developers
- Philanthropy: $175 million over 5 years
- Marketing and communication: $5 million annually to engage in outreach to inform communities of KeyBank’s products and services and new contributions under the plan
- Payday lending: cease financing CASH America’s payday lending activity
- Branch distribution and access: keep more branches open in LMI communities and open a new branch in an LMI census tract on the East Side of Buffalo
- Project innovation: setting up a product innovation fund of up to $3 million
- Plan governance: develop a National Advisory Council to monitor and review the plan
- Rural markets: focus on lending and investing in rural areas