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
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyer belt between the Software Factory and production stages. Artifacts are m...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.