June 5, 2023

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New York City Commission votes to halt deposits to Capital One

NEW YORK, May 25 (Reuters) – The New York City Banking Commission has voted to stop deposits in the city’s bank accounts at Capital One (COF.N) and Kebank (KEY.N) after the lenders failed to provide plans on their efforts to root out discrimination.

City Comptroller Brad Lander joined Mayor Eric Adams and the Treasury Department to announce that the city would do soStop making depositsin the two 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, trainee, participant, vendor, contractor, client or client based on protected characteristics,” the bank said in a statement after the auditor’s announcement.

(This story has been corrected to clarify use of the accounts after the Controller formally amended the statement in paragraphs 1, 2, 3 and the headline, and to fix the spelling of the Controller’s title in the second reference in paragraph 2)

(Reporting by Lanh Nguyen) Editing by Richard Chang

Our standards: Thomson Reuters Trust Principles.

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