Woke NYC Officials Freeze Deposits at Capital One and KeyBank Over Failure to Submit Plans to Combat ‘Discrimination’
On Thursday, the New York City Banking Commission, which consists of Comptroller Brad Lander, Mayor Adams, and Commissioner Preston Niblack of the Department of Finance, has taken action against two major financial institutions, Capital One and KeyBank.
The Commission decided to limit deposits at the banks after they failed to submit the required plans demonstrating their commitment to combating discrimination.
Capital One, with $7.2 million in City deposits across 108 accounts, and KeyBank, with $10 million in City deposits across three accounts, refused to submit the required policies, leading to the decision to freeze new deposits for up to two years.
Additionally, the Comptroller voted against designating International Finance Bank, PNC Bank, and Wells Fargo due to their inability to demonstrate efforts to prevent discrimination in various operational aspects, such as branch openings and closings, lending decisions, and hiring.