NYC Commission Freezes Deposits at Capital One and KeyBank Over Anti-Discrimination Plan
New York City Comptroller Brad Lander is freezing city deposits at Capital One and KeyBank, alleging that both lenders “outright refused to submit required policies” to weed out “discrimination.” The city’s Banking Commission also voted to prohibit three other banks from accepting city money because they, too, failed to supply anti-discrimination policies in writing. However, the Department of Finance clarified that Capital One and KeyBank were “conditionally” designated as depository banks because they didn’t submit a “complete application,” but after one year can re-apply for full designation to begin accepting city deposits again.
