NYC Banking Commission Halts Deposits at Capital One and Other Banks Over Discrimination Issues

The New York City Banking Commission has voted to halt city deposits at Capital One and KeyBank due to the two institutions not submitting plans for how to prevent discrimination. The commission also voted to not designate International Finance Bank, PNC Bank, and Wells Fargo to hold public funds. These banks have not taken “meaningful actions to combat discrimination in their operations and are not responsible stewards of public dollars,” said City Comptroller Brad Lander.