Cleveland-based KeyBank has for years come under fire with accusations that it has systematically failed minority residents in its own hometown, including last November, when the National Community Reinvestment Coalition released a data report chastising the financial institution for 'betraying' Black applicants in search of home loans.
Cleveland-based KeyBank has for years come under fire with accusations that it has systematically failed minority residents in its own hometown,
While KeyBank reps strenuously denied the report's findings and pointed to recent improvements, Cleveland City Councilman Richard Starr, whose Ward 5 has seen decades of disinvestment, has not been satisfied. “KeyBank has been pulling back from supporting Black homeownership every year since 2018. 6.5 percent of its home purchase loans went to Black borrowers,” he told Scene.
KeyBank refutes Starr’s claims, saying that it has taken deliberate action to increase Black and minority lending within Cleveland. KeyBank declined to make someone available for an interview with Scene but did pass along relevant data. Invested in over $11 million to finance the construction of Garret Square Apartments—a 49-unit affordable housing project for seniors.
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