NYC Officials Start Limiting Account Deposits at Banks That Didn’t Submit Anti-Discrimination Plans

Officials in New York City limited account deposits on Thursday at Capital One and KeyBank after the financial institutions failed to submit required anti-discrimination plans.The city issued mandates earlier this year for banks which hold public funds to detail “specific steps to combat different forms of discrimination in their operations.” An announcement from the office of New York City Comptroller Brad Lander claimed that Capital One and KeyBank “outright refused” to comply with the requirement.“Banks seeking to do business with New York City must demonstrate that they will be responsible managers of public funds and responsible actors in our communities,” Lander said in a statement. “Unfortunately, despite several opportunities to do so, five banks failed to comply with the New York City Banking Commission’s designation process, leaving us to conclude that they are not taking meaningful actions to combat discrimination in their operations and are not responsible stewards of public dollars.”Capital One held $7.2 million in city funds at the end of last month, while KeyBank held $10 million in city funds. Officials voted to freeze new deposits at the two companies for as many as two years, while Lander contended that International Finance Bank, PNC Bank, and Wells Fargo also neglected to comply with the anti-discrimination policies, through which the firms were asked to detail ways in which they avoid “discriminat …

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