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.


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
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU’s GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
DevOps is speeding towards the IT world like a freight train and the hype around it is deafening. There is no reason to be afraid of this change as it is the natural reaction to the agile movement that revolutionized development just a few years ago. By definition, DevOps is the natural alignment of IT performance to business profitability. The relevance of this has yet to be quantified but it has been suggested that the route to the CEO’s chair will come from the IT leaders that successfully ma...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, discussed how the ability to access and analyze the massive volume of streaming data from millio...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.