The New York City Banking Commission voted to stop the city’s deposits in Capital One

The New York City Banking Commission voted to terminate the city’s deposits with Capital One and KeyBank over the two institutions’ failure to submit plans for how to prevent discrimination.

“Banks seeking to do business with the City of New York must demonstrate that they will be responsible managers of public funds and responsible actors in our communities,” City Comptroller Brad Lander said in a statement.

In a statement Thursday, the authority said it had voted to restrict deposits in the two banks because they “failed to provide the required plans to prove their efforts to eradicate discrimination.” In a public hearing held Thursday, the committee heard the views of New Yorkers who have experienced discrimination from these banking institutions.

“The views we heard today from New Yorkers who have experienced discrimination in the process of opening or closing accounts, and frontline bank employees who have faced illegal and abusive practices, should stop us all,” Policy Deputy Comptroller Annie Levers said in a statement. .

“We’ve heard from many residents concerned that taxpayer money is going to banks that provide financing for predatory lending, fossil fuel extraction, and weapons manufacturing, and support the idea of ​​a public bank that would put those dollars to work for the benefit of our communities,” Cranes added.

The committee also voted not to allocate public funds to IFC, PNC Bank and Wells Fargo. Lander said in a statement that these banks have not taken “meaningful anti-discrimination measures in their operations and are not responsible agents of public funds.”

The Hill has reached out to Capital One for comment.

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