Welcome!

News Feed Item

KeyBank Receives Eighth "Outstanding" Rating From OCC On Community Reinvestment Act Exam

Key is Only Bank among the 25 Largest to Achieve Eight Consecutive Outstanding Ratings

CLEVELAND, April 19, 2013 /PRNewswire/ -- KeyBank (NYSE: KEY) has earned its eighth "Outstanding" rating from the Office of the Comptroller of the Currency (OCC), for exceeding the terms of the Community Reinvestment Act (CRA) exam. Key is the only U.S. national bank among the 25 largest to be rated Outstanding by the OCC for eight consecutive review periods, since the Act's passage in 1977.

(Photo: http://photos.prnewswire.com/prnh/20130419/CL97725 )

"We're honored to have earned an 'Outstanding' rating from the OCC for the eighth consecutive time," said Beth Mooney, KeyCorp chairman and chief executive officer. "It's a testament to the character of our people and our commitment to serving all markets in our footprint. We're especially proud to have provided loans, investments and services throughout the exam period, which was the height of the financial crisis. Being a responsible bank during difficult times matters to the communities that we serve."  

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, and Key's recent exam period covered July 1, 2008September 30, 2011.

"It's not enough to just satisfy compliance requirements," said Bruce Murphy, head of KeyBank's Corporate Responsibility Group. "We focus on broadly investing in our communities in terms of philanthropy, affordable housing, business and mortgage loans, programs with community partners, and services that make a difference. Our business approach is to balance mission and margin, so that both shareholders and communities benefit from our investments."

Significant community achievements during the exam period (July 1, 2008 to September 30, 2011), which led to KeyBank's Outstanding rating, include:

  • KeyBank extended more than $2.9 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 financed the construction of more than 119,000 affordable housing units, designed for individuals who earn less than 60 percent the U.S. average median income.
  • KeyBank cashed government and payroll checks for more than 31,000 people through KeyBank Plus. KeyBank Plus offers nontraditional banking products to underserved communities, such as low fee check cashing, free financial education, checkless checking, and a short term line of credit, preferable to a payday loan.
  • KeyBank's free tax preparation day, Super Refund Saturday, helped return more than $9 million in refunds to low- and moderate-income residents.
  • Through KeyBank Foundation, KeyCorp distributed $40 million to nonprofit organizations.
  • KeyBank employees volunteered 25,000 hours of service to approximately 600 nonprofit organizations serving low- and moderate-income individuals.
  • KeyBank employee volunteers taught free financial education classes to more than 28,000 individuals from January 1, 2004September 30, 2011.

KeyBank's CRA focus is part of its overall commitment to corporate responsibility, which includes the bank's philanthropy, sustainability, volunteerism, and diversity efforts, such as:

  • Neighbors Make the Difference Day, an annual company-wide day of volunteerism in local neighborhoods. During the exam period, KeyBank employees volunteered a total of 100,400 hours, or $2.8 million in salary equivalency, on nearly 3,000 projects nationwide.
  • KeyBank's commitment to supplier diversity. KeyBank spent 15 percent of its overall vendor budget with minority-, women-, and veteran owned businesses each of the past three years, compared to the average of eight percent spent by publicly traded corporations. 

About KeyCorp
KeyCorp was organized more than 160 years ago and is headquartered in Cleveland, Ohio.  One of the nation's largest bank-based financial services companies, Key had assets of approximately $89.2 billion at March 31, 2013.

Key provides deposit, lending, cash management and investment services to individuals and small and mid-sized businesses in 14 states under the name KeyBank National Association.  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.

SOURCE KeyCorp

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, highlighted the current challenges of these transformative technologies and shared strategies for preparing your organization for these changes. This “view from the top” outlined the latest trends and developments i...