How does racial discrimination affect bank lending?

Howell et al ( 2021) find that this disparity is largely due to racial discrimination and that when banks automate their lending process, thereby reducing human involvement, their rate of lending to Black businesses increases, especially in localities with high racial animus.

Does KeyBank discriminate based on race?

KeyBank said it strongly disagreed with the NCRC’s characterization of their lending activities. “KeyBank does not discriminate and does not lend based on race. KeyBank’s lending decisions are applied consistently to all potential borrowers and are based on predetermined criteria in accordance with fair lending laws,” a statement from KeyBank said.

Why did Cleveland Bank hire a racial equity audit firm?

The regional bank, headquartered in Cleveland, Ohio, said it had commissioned a law firm “with deep experience leading civil rights and racial equity audits" to continue advancing its diversity, equity and inclusion priorities.

Is KeyBank a 'worst lender for black borrowers'?

KeyBank is 'worst lender for Black borrowers'. Here's why. KeyBank, which was ranked the worst lender for Black borrowers among the nation's 50 largest mortgage lenders by a national nonprofit, will conduct a racial equity audit, the bank announced.