NEW YORK, May 25 (Reuters) – The New York City Banking Commission has voted to halt deposits to city bank accounts at Capital One (COF.N) and KeyBank (KEY.N) after the lenders have not submitted plans on their efforts to root out the discrimination.
City Comptroller Brad Lander joined Mayor Eric Adams and the Department of Finance in announcing that the city would stop making deposits at both banks, Lander said in a statement Thursday.
Existing accounts will be used to make payments, but no additional deposits will be made and no new accounts will be opened at either bank, according to a spokesperson for the comptroller.
“Capital One prohibits discrimination and harassment against any applicant, intern, associate, supplier, contractor, client or customer based on protected characteristics,” the bank said in a statement after the monitor’s announcement.
(This story has been corrected to clarify the use of accounts after the Controller’s officially amended statement in paragraphs 1, 2, 3 and the title, and to correct the spelling of the Controller’s last name in the second paragraph reference 2)
Reporting by Lananh Nguyen; Editing by Richard Chang
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