New York City Commission votes to freeze deposits at Capital One By Reuters

© Reuters. FILE PHOTO: Capital One’s logo and ticker are displayed on a screen below the New York Stock Exchange (NYSE) in New York, U.S., May 21, 2018. REUTERS/Brendan McDermid

NEW YORK (Reuters) – The New York City Banking Commission voted to freeze deposits in city bank accounts at Capital One and KeyBank after the lenders failed to submit plans to try to end discrimination.

City Manager Brad Lander contacted Mayor Eric Adams and the Department of Finance to announce that the city will stop making deposits at the two banks, Lander said Thursday.

Existing accounts will be used for repayment, but no additional deposits will be made, and no new accounts will be opened at any bank, according to a regulatory spokesperson.

“Capital One prohibits discrimination and harassment against any applicant, student, Associate, vendor, contractor, customer, or customer because of protected behaviors,” the bank said in a statement after the regulator’s announcement.

(This article has been prepared to clarify the use of accounts after the controller has been officially changed in paragraphs 1, 2, 3 and the title of the article, as well as to correct the spelling of the controller’s name in the second entry in paragraph 2)

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