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NYC Commission Freezes Deposits at Capital One and KeyBank Over Anti-Discrimination Plan
finance3 years ago

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.

via New York Post |
#banking-commission#brad-lander#capital-one
NYC Banking Commission Halts Deposits at Capital One and Other Banks Over Discrimination Issues
finance3 years ago

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.

via The Hill|
#capital-one#discrimination#finance
finance3 years ago

NYC Commission Limits Deposits at Banks Accused of Discrimination and Inaction.

The New York City Banking Commission has limited deposits for Capital One and KeyBank after they failed to submit plans demonstrating their efforts to root out discrimination. This is the latest blow to the US banking system, which has been under immense pressure this year. Five banks had failed to comply with New York City Banking Commission’s stringent regulations. Crypto proponents argue that Bitcoin is the solution to all of this banking bunkum, but it still relies on fiat on and off-ramps, which means involving banks.

via BeInCrypto|
#banking#bitcoin#capital-one
NYC Banking Commission Halts City Deposits at Capital One and KeyBank.
finance3 years ago

NYC Banking Commission Halts City Deposits at Capital One and KeyBank.

The New York City banking commission has voted to freeze deposits at Capital One and KeyBank after the two banks failed to submit required plans showing their efforts to halt discrimination. The commission in February said that banks had to “submit to demonstrate a meaningful commitment to combat discrimination in employment, services, and lending.” Both banks can service existing contracts for one year under the move.

via MarketWatch|
#banking-commission#capital-one#discrimination
Lake District Faces Bankruptcy and Auction Cancellation
business3 years ago

Lake District Faces Bankruptcy and Auction Cancellation

Lake City Bank and four of its officers were named in a lawsuit filed in a federal bankruptcy court, accusing them of being involved in or knowing about a check-kiting scheme that caused a financial loss of nearly $150 million to businesses around the country and KeyBank. Lake City Bank strongly rejected the accusations and argued that the activity it permitted IOI to run through their accounts was credible business activity and was not identified as fraudulent until it was terminated in July 2019. The bank hopes the bankruptcy case will be dismissed.

via WANE|
#bankruptcy-court#business#check-kiting-scheme