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Capital One and KeyBank have had their deposits frozen by the New York Metropolis Comptroller, together with the NYC Mayor and the Division of Finance. The banks did not submit plans that demonstrated their efforts to get rid of discrimination, so the freeze was put in place. Banks that wish to do enterprise with New York Metropolis should present that they’re accountable managers of public funds and of the group.
Based on New York Metropolis Comptroller Brad Lander, 5 banks did not adjust to the New York Metropolis Banking Fee’s designation course of, concluding that they don’t seem to be taking significant actions to fight discrimination of their operations and will not be accountable stewards of public funds.
Lander expressed his appreciation to the Mayor, the Finance Commissioner, the Treasurer, the Banking Fee Member, and the Division of Finance for working collectively to strengthen oversight over banks that revenue from public funds.
The NYC Banking Fee requires banks to file certificates regarding their non-discrimination insurance policies in hiring, selling, and delivering banking companies and for financial institution closings to adjust to designation necessities. KeyBank and Capital One had been two of the 5 banks that failed to take action, therefore the freeze.
Capital One held $7.2 million in Metropolis deposits throughout 108 accounts, whereas KeyBank held $10 million in Metropolis deposits throughout three accounts on the finish of April. Each banks refused to submit the required insurance policies, resulting in the freeze. Regardless of the freeze, each banks can nonetheless service present contracts, however just for one yr.
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