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KeyBank agrees to pay $5 million to state of New York to resolve allegations of deceptive advertising
KeyBank agrees to pay $5 million to state of New York to resolve allegations of deceptive advertising
Key Tower in downtown Cleveland.
The New York attorney general said it has resolved an investigation into alleged deceptive advertising practices by Cleveland s KeyBank in the market that includes a $5 million payment by the bank to the State of New York Mortgage Agency and a commitment to lend $145 million to low- to moderate-income New York homebuyers over the next five years.
The related investigation involved the KeyBank Plus program, which was intended to help New Yorkers cash checks for low fees but was not as available to consumers as advertising claimed, according to an announcement by New York Attorney General Letitia James.