{"id":14081,"date":"2023-05-26T06:56:45","date_gmt":"2023-05-26T10:56:45","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/nyc-banking-commission-votes-to-halt-city-deposits-at-capital-one-keybank\/"},"modified":"2023-05-26T06:56:46","modified_gmt":"2023-05-26T10:56:46","slug":"nyc-banking-commission-votes-to-halt-city-deposits-at-capital-one-keybank","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=14081","title":{"rendered":"NYC banking commission votes to halt city deposits at Capital One, KeyBank"},"content":{"rendered":"
\n

New York City\u2019s banking commission voted to freeze deposits at Capital One Financial Corp.
\n COF,
\n +0.43%<\/bg-quote>
\n and KeyCorp\u2019s
\n KEY,
\n -0.90%<\/bg-quote>
\n KeyBank after the two banks failed to submit required plans showing their efforts to halt discrimination, the city\u2019s comptroller said in a statement on Thursday, alleging that the banks \u201coutright refused to submit required policies.\u201d The comptroller, Brad Lander, also voted against designating Wells Fargo & Co.
\n WFC,
\n +0.07%<\/bg-quote>,<\/span>
\n PNC Financial Services Group Inc.\u2019s
\n PNC,
\n -1.05%<\/bg-quote>
\n PNC Bank and International Finance Bank to hold public funds, that statement said. \u201cUnfortunately, despite several opportunities to do so, five banks failed to comply with the New York City Banking Commission\u2019s designation process \u2013 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,\u201d Lander said. All three members of the banking commission \u2014 which include the comptroller, mayor and finance commissioner \u2014 voted to take the action against Capital One and KeyCorp, which respectively held $7.2 million and $10 million in city deposits at the end of last month. Both can service existing contracts for one year under the move. The commission in February said that banks had to \u201csubmit to demonstrate a meaningful commitment to combat discrimination in employment, services, and lending,\u201d the statement said. Shares of Capital One slipped 0.7% after hours, while Key was 0.3% lower. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New York City\u2019s banking commission voted to freeze deposits at Capital One Financial Corp. COF, +0.43% and KeyCorp\u2019s KEY, -0.90% KeyBank after the two banks failed to submit required plans showing their efforts to halt discrimination, the city\u2019s comptroller said in a statement on Thursday, alleging that the banks \u201coutright refused to submit required policies.\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":1383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-14081","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nNYC banking commission votes to halt city deposits at Capital One, KeyBank | iFintechWorld<\/title>\n<meta name=\"description\" content=\"New York City\u2019s banking commission voted to freeze deposits at Capital One Financial Corp. 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