KeyBank earns 8th outstanding ratingWritten by Staff Reports | | email@example.com
KeyBank has earned its eighth consecutive “Outstanding” rating from the Office of the Comptroller of the Currency (OCC) for exceeding the terms of the Community Reinvenstment Act (CRA) exam.
KeyBank is the only U.S. national bank among the 25 largest to be rated Outstanding by the OCC for eight consecutive periods since the act’s passage in 1977.
“We’re honored to have earned an ‘Outstanding’ rating from the OCC for the eighth consecutive time. It’s a testament to the character of our people and our commitment to serving all markets in our footprint,” Beth Mooney, KeyCorp chairman and chief executive officer, stated in a press release announcing the bank’s latest rating.
“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,” Mooney stated.
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.
The OCC’s assessment includes 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.
Banks are assigned one of four ratings: “Outstanding,” “Satisfactory,” “Need to Improve” or “Substantial Noncompliance” for the overall rating and the three subcategories The OCC completes a CRA exam for a bank every three to four years, and KeyBank’s recent exam period covered July 1, 2008, through Sept. 30, 2011.
“For us, it’s not enough to simply satisfy compliance requirements. It’s our goal to go beyond compliance to commitment to our communities. We have developed a business model that not only is viable for KeyBank but for the stability and vitality of our communities,” James Hoffman, president of KeyBank’s Michigan/Northwest Ohio district, stated in the press release.
Significant Northwest Ohio community achievements led to KeyBank’s Outstanding rating during the exam period, according to bank officials.
KeyBank extended more than $17 million in loans and more than $51 million in equity to local development projects. KeyBank’s participation in commercial economic development projects stabilize and revitalize neighborhoods and provide affordable housing.
KeyBank financed the construction of more than 10,000 affordable housing units designed for individuals who earn less than 60 percent the average median income in the U.S.
KeyBank’s free tax preparation day, Super Refund Saturday, helped return $480,000 in refunds to low- and moderate-income residents.
KeyBank gave more than $1.6 million to local nonprofits, through the KeyBank Foundation. Five hundred individuals took financial education courses offered by the bank.
KeyBank’s CRA focus is part of its overall commitment to corporate responsibility which includes the bank’s philanthropy, sustainability, volunteerism, and diversity efforts.