KeyCorp and the National Community Reinvestment Coalition have reached an agreement to invest $25 million into minority and underserved markets.
Jesse Van Tol, the NCRC’s CEO, made the announcement at the organization’s Just Economy conference, starting that the agreement resolves a dispute between the parties.
The NCRC had raised concerns in the past about the Cleveland company’s mortgage lending practices
The $188 billion-asset Key will provide $17 million to fund grants, downpayment assistance, fee waivers, product and branch expansion and marketing, Van Tol said. Key and the NCRC will each be responsible for allocating $8.5 million of those funds, while providing input to each other.
Key will provide $8 million to support the NCRC’s mission and the parties will colaborate on an ongoing basis to “continue to improve KeyBank’s lending to minority and underserved communities,” Van Tol said.
“Most important of all, we will return to the table to work in good faith to establish a new relationship with KeyBank, with the potential to channel billions of dollars of lending capital into community,” he added.