New York City Commission votes to stop deposits at Capital One

NEW YORK, May 25 (Reuters) – The New York City Banking Commission voted to halt deposits in the city’s bank accounts at Capital One ( COF.N ) and KeyBank ( KEY.N ) after the lenders failed to submit plans for their efforts to eradicate discrimination.

City Controller Brad Lander joined Mayor Eric Adams and the Treasury Department in announcing that the city would stop making deposits at the two banks, Lander said in a statement Thursday.

The existing accounts will be used to make payments, but no further 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, employee, supplier, 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 changed the statement in paragraphs 1, 2, 3 and heading, and to fix the spelling of the comptroller’s last name in the second reference in paragraph 2)

Reporting by Lananh Nguyen; Editing by Richard Chang

Our standards: Thomson Reuters Trust Principles.

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