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New York City commission votes to halt deposits at Capital One

Published May 25, 2023 06:45PM ET Updated May 25, 2023 09:21PM ET
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© Reuters. FILE PHOTO: The logo and ticker for Capital One are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid

NEW YORK (Reuters) - The New York City Banking Commission voted to halt deposits into the city's bank accounts at Capital One and KeyBank after the lenders failed to submit plans on their efforts to root out discrimination.

City Comptroller Brad Lander joined Mayor Eric Adams and the department of finance to announce the city would stop making deposits into the two banks, Lander said in a statement Thursday.

The existing accounts will be used to make payments, but no additional deposits will be made, nor will new accounts be opened at either bank, according to a spokesperson for the comptroller.

"Capital One prohibits discrimination and harassment against any applicant, intern, Associate, vendor, contractor, customer, or client on the basis of protected characteristics," the bank said in a statement after the comptroller's announcement.

(This story has been corrected to clarify the use of accounts after the comptroller officially amended statement in paragraphs 1, 2, 3 and headline, and to fix the spelling of the comptroller's surname in the second reference in paragraph 2)

New York City commission votes to halt deposits at Capital One
 

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Comments (2)
Connecticut Yankee
A_Jaundiced_Eye May 25, 2023 11:02PM ET
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"protected characteristics" ? Too funny.
Brad Albright
Brad Albright May 25, 2023 11:02PM ET
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Its an established term in Supreme Court precedence.
Stephen Fa
Stephen Fa May 25, 2023 9:17PM ET
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ESG is for socialists.
Chris Cummins
Chris Cummins May 25, 2023 9:17PM ET
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Inequality is for small-minded racists.
 
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