The NYC Banking Commission’s first-ever public hearing ended with a vote from all three commission members. Both banks refused to submit required plans showing how they would root out discrimination in employment, services, and lending at their branches.
The NYC Banking Commission’s first-ever public hearing ended with a vote from all three commission members that urged NYC to limit its deposits at Capital One and KeyBank.
Both banks refused to submit required plans showing how they would root out discrimination in employment, services, and lending at their branches. Sign up for our acclaimed free newsletter Editorially Black with the top Racial Equity stories of the day to your inbox! The commission’s vote calls for a freeze on new deposits in Capital One and KeyBank for up to two years. Capital One held $7.2 million in NYC deposits at the end of April in 108 accounts and KeyBank held $10 million in NYC deposits at the end of April in three accounts, Lander’s office said. “Banks seeking to do business with New York City must demonstrate that they will be responsible managers of public funds and responsible actors in our communities,” Lander said.
According to Lander’s office, “At the public hearing, the Banking Commission heard testimony from Muslim New Yorkers who have experienced discrimination in the process of opening or closing accounts. Tenants expressed concerns about predatory lending practices by banks that jeopardize their rights and safe living conditions. Climate advocates condemned banks that have continued to lend billions of dollars for fossil-fuel expansion, despite having made net-zero commitments.
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