KeyBank Publishes 2023 Corporate Responsibility Report Highlighting Community Impact

Rhea-AI Summary

KeyBank has released its 2023 Corporate Responsibility Report, detailing its impact on community and sustainability efforts. Key highlights include serving over 540 clients with special purpose credit programs, providing $1.8 million in homebuyer grants, and $8.8 million in home equity loans. The bank launched Immediate FundsSM for instant check deposit access and revamped its fee structure for client convenience. Employees volunteered over 77,000 hours, and the bank promoted 22.8% of its workforce. KeyBank delivered $5.5 billion in capital for affordable housing and community support, invested $39.8 million philanthropically, and exceeded supplier diversity goals with a 13% spend on diverse suppliers. Environmentally, the bank allocated nearly $5 billion for a low-carbon economy, achieved a 40% reduction in Scope 1 and 2 emissions, and joined the Partnership for Carbon Accounting Financials.

Positive

• Served over 540 clients through special purpose credit programs.
• Funded $1.8 million in homebuyer grants and $8.8 million in home equity loans.
• Launched Immediate FundsSM for instant check deposit access.
• Refreshed fee structure for client convenience and flexibility.
• Employees volunteered over 77,000 hours.
• 22.8% of employees were promoted or moved jobs.
• $5.5 billion capital delivered for affordable housing and community support.
• Ranked second among U.S. Affordable Housing Lenders with $6.1 billion in multifamily affordable financing.
• Placed $50 million in deposits across Minority Depository Institutions and Community Development Institutions.
• Made $39.8 million in philanthropic investments.
• Exceeded supplier diversity goals with 13% diverse spend.
• Deployed nearly $5 billion for a low-carbon economy.
• Achieved a 40% reduction in Scope 1 and 2 emissions.

Negative

• Scope 1 and 2 emissions reduction goal only 48% completed towards carbon-neutral by 2030.
• Immediate FundsSM requires a fee of 2% of the deposit amount.

NORTHAMPTON, MA / ACCESSWIRE / May 16, 2024 / KeyBank recently published its 2023 Corporate Responsibility Report. The comprehensive report tells their story as a responsible corporate citizen and provides transparency about their performance and activities related to the sustainability and societal impact of their business and investments during the 2023 calendar year.

​​​​​​​​​​​The report covers Key's commitment to advancing corporate responsibility strategies and making sustained progress toward its four corporate responsibility priorities - climate stewardship, financial inclusion, diversity, equity, and inclusion, and data privacy and security.

Highlights of their milestones include:

Thriving Clients

• Served more than 540 clients through Key's three special purpose credits programs¹ - funded $1.8 million in homebuyer grants and $8.8 million in Key Opportunities Home Equity Loans²
• Launched Immediate Funds^SM, which allows eligible clients the option to receive instant access to their check deposit for a fee³

Refreshed fee structure - part of our broader effort to make banking more convenient and flexible for our clients

Thriving Colleagues

• Named 14x to the Top 50 Companies for Diversity by DiversityInc
• Employees volunteered more than 77,000 hours in the communities Key serves
• Focused on employee mobility - 22.8% of employees moved jobs or received a promotion

Thriving Communities

• Delivered $5.5 billion in capital in support of affordable housing, home lending, small business lending, and transformative philanthropy in low- and moderate-income communities
• Ranked second among U.S. Affordable Housing Lenders with $6.1 billion in multifamily affordable financing (source: 2023 Lenders Survey, Feb 2024)
• Placed $50 million of deposits across six Minority Depository Institutions and Community Development Institutions
• Made $39.8 million in philanthropic investments, including $5.6 million in charitable contributions made through Key employee programs
• Exceeded our enterprise goal of directing 8% of our qualified spend to diverse suppliers (Tier I and Tier II) - with total diverse spend at 13%

Thriving Planet

• Deployed nearly $5 billion in new capital to support a low-carbon economy
• Achieved our 2030 goal of a 40% reduction in absolute Scope 1 direct emissions and Scope 2 indirect emissions
• Reached 48% of our goal to achieve carbon-neutral operations across our Scope 1 and Scope 2 emissions by year-end 2030
• Joined the Partnership for Carbon Accounting Financials and completed an initial assessment of financed emissions

You can read through the 2023 Corporate Responsibility Report to learn more.

¹Special Purpose Credit Programs (SPCPs) are, generally, programs that are established to meet special social needs or the needs of economically disadvantaged persons by extending credit to persons who would probably be denied credit or would receive it on less favorable terms, under certain conditions. See 15 U.S.C. § 1691(c)(1)-(3); 12 C.F.R. § 1002.8(a).

²Loan features reduced interest rate and no origination fees. Available on existing primary residence and loans up to $100,000. First or second lien only. Loan must close in a branch. Property must be located in an eligible community in KeyBank's retail footprint. Additional terms or restrictions may apply. Ask us for details.

³Immediate Funds℠ is available in the KeyBank mobile app and will only appear as an option for eligible mobile check deposits. You will also have the option for a standard deposit at no charge. The Immediate Funds fee is 2% of the deposit amount, with a minimum fee of $2. Immediate Funds requests made after 11:00 p.m. ET will have immediate funds availability for ATM withdrawal and point-of-sale transactions. However, it will take until the next business day for the funds to be available to cover overdrafts or other transaction types. For more information, review our Funds Availability Policy.

All credit products are subject to collateral and/or credit approval, terms, conditions, availability and subject to change. KeyBank Member FDIC. HOME LOANS AND BUSINESS LOANS, ARE NOT FDIC INSURED OR GUARANTEED. ©2024 KeyCorp. Equal Housing Lender. NMLS# 3997977

About KeyCorp

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at March 31, 2024.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. 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 Member FDIC.

View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com.

Contact Info:
Spokesperson: KeyBank
Website: https://www.3blmedia.com/profiles/keybank
Email: info@3blmedia.com

SOURCE: KeyBank

View the original press release on accesswire.com

FAQ

What are the highlights of KeyBank's 2023 Corporate Responsibility Report?

KeyBank's 2023 Corporate Responsibility Report highlights include serving over 540 clients with special purpose credit programs, $5.5 billion in capital for affordable housing, and a 40% reduction in Scope 1 and 2 emissions.

How much did KeyBank invest in affordable housing in 2023?

KeyBank delivered $5.5 billion in capital to support affordable housing and community development.

What is KeyBank's Immediate FundsSM service?

Immediate FundsSM allows eligible clients instant access to their check deposits for a 2% fee.

How many hours did KeyBank employees volunteer in 2023?

KeyBank employees volunteered over 77,000 hours in their communities in 2023.

What environmental goals did KeyBank achieve in 2023?

KeyBank achieved a 40% reduction in Scope 1 and 2 emissions and deployed nearly $5 billion for a low-carbon economy.

What philanthropic investments did KeyBank make in 2023?

KeyBank made $39.8 million in philanthropic investments, including $5.6 million through employee programs.

What was KeyBank's performance in promoting diversity and inclusion in 2023?

KeyBank exceeded its goal by directing 13% of its qualified spend to diverse suppliers and was named to the Top 50 Companies for Diversity by DiversityInc.

How did KeyBank support minority institutions in 2023?

KeyBank placed $50 million in deposits across six Minority Depository Institutions and Community Development Institutions.