NEW YORK, May 25 (Portal) – The New York City Banking Commission has voted to halt deposits into the city’s bank accounts at Capital One (COF.N) and KeyBank (KEY.N) after lenders failed to approve plans had presented in their efforts to eradicate discrimination.
City Comptroller Brad Lander, along with Mayor Eric Adams and the Treasury Department, announced that the city would stop making deposits with the two banks, Lander said in a statement Thursday.
According to a spokesman for the auditor, the existing accounts will be used for payments, but no additional deposits will be made and no new accounts will be opened with the banks.
“Capital One prohibits discrimination and harassment against any applicant, intern, employee, supplier, contractor, customer or customer based on protected characteristics,” the bank said in a statement following the auditor’s announcement.
(This story has been corrected to clarify the use of accounts after the Comptroller formally changed the statement in paragraphs 1, 2, 3 and the caption, and to correct the spelling of the Comptroller’s surname in the second reference in paragraph 2 .)
Reporting by Lananh Nguyen; Edited by Richard Chang
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