NYC Commission Votes to Freeze Municipal Deposits at Capital One, KeyBank

New York City’s banking commission voted Thursday to freeze new deposits at Capital One Bank and KeyBank, saying that the banks failed to submit a plan detailing steps they’re taking to “root out discrimination” in their operation.
The 3-0 vote by the commission, consisting of New York Mayor Eric Adams, Comptroller Brad Lander, and Commissioner of Finance Preston Niblack, means that Capital One and KeyBank won’t receive new deposits from the Big Apple’s public agencies for up to two years.
In addition, the banks won’t be able to renew contracts or enter into new agreements with the city during the suspension….

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