that Mayor Eric Adams and city Finance Commissioner Preston Niblack joined him as members of the city’s Banking Commission Thursday in taking action against Capital One and KeyBank., aiming to clear up some confusion over Lander’s remarks.
The agency said Capital One and KeyBank were “conditionally” designated as depository banks because they didn’t submit a “complete application,” but after one year can re-apply for full designation to begin accepting city deposits again. It also said both lenders submitted “very strong financial reports.”
KeyBank insists it doesn’t discriminate in its practices. “We believe this is a misunderstanding and we look forward to clarifying this issue with the Banking Commission,” added the lender in a statement.“Despite reports suggesting otherwise, the Banking Commission’s vote will not have any impact on banking services with the city and will not negatively affect any deposits currently held with the city’s designated banks,” added the agency.
Capital One and KeyBank held $7.2 million and $10 million in city deposits, respectively, as of the end of April.banks doing city business must show proof they’re trying to halt discrimination in lending, customer service and employment.Capital One Bank in a statement said it “prohibits discrimination and harassment” in all operations.
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