County Proposes New Banking Services Contract with KeyBank
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KeyBank Contract Includes Increased Commitments for Underserved Communities
CUYAHOGA COUNTY, OH – Cuyahoga County is recommending a new banking services contract with KeyBank to County Council at its February 25th meeting. Pending Council approval, KeyBank will provide banking and treasury services to Cuyahoga County. KeyBank’s services to the County will include depository and treasury management services, a County business travel program, online payment services for County residents, and a procurement card program for work-related purchases among other programs.
Also included in the contract is KeyBank’s commitments to ensure the credit needs of under-served communities are being met. Within these community commitments KeyBank will:
- Provide banking products for individuals who do not qualify for traditional loans.
- Encourage loan officers to make more home loans in low and moderate income (LMI) areas by increasing compensation incentives.
- Reduce loan transaction fees on original loans of less than $150,000.
- Partner with the County in providing a series of community programs addressing financial literacy and education. At least one program will be directed toward children aging out of foster care.
- Continue to support the County’s HELP Loan Program, which provides low interest loans for home repairs.
- Draft legislation regarding appraisals to create additional opportunities for low and moderate income (LMI) borrowers.
- Commit to increasing the $22 million of Small Business Administration (SBA) loans to LMI small businesses it made in 2019 by 20 percent in 2020.
- Extend its participation in the successful Challenge Fund program throughout the County. The Challenge Fund, operated by the Home Repair Resource Center, can guarantee a bank loan on home repairs for homeowners who can afford a monthly payment but are not able to qualify for bank financing because of past credit problems, not enough equity in the house, too much debt, or other reasons.
“I want to thank KeyBank for their important partnership with the County,” said Cuyahoga County Executive Armond Budish. “Key won the RFP for the County’s banking business before making these additional commitments, but during the course of our conversations, we asked Key to step up their efforts to help people with low and moderate incomes to purchase new homes, rehab their existing homes, and invest in small businesses. The commitments Key is making are in keeping with their community benefits plan and they promote our shared goals of economic and residential equity and inclusivity.”
“I commend KeyBank for their increased efforts to enhance the credit needs of under-served communities,” said Cuyahoga County Treasurer Chris Murray. “I look forward to working with KeyBank as both the County’s banking and treasury operations provider and as a partner in promoting inclusive economic growth in our region.”