{"id":1938629,"date":"2023-05-26T09:29:24","date_gmt":"2023-05-26T13:29:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/banking-commission-freezes-deposits-at-capital-one\/"},"modified":"2023-05-26T11:06:19","modified_gmt":"2023-05-26T15:06:19","slug":"banking-commission-freezes-deposits-at-capital-one","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/banking-commission-freezes-deposits-at-capital-one\/","title":{"rendered":"Banking Commission Freezes Deposits at Capital One"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbanking-commission-freezes-deposits-at-capital-one%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1938629&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>New York City\u2019s Banking Commission on Thursday punished banking giants Capital One and KeyBank for not filing anti-discrimination plans with the city.<\/p>\n<p>New York City Comptroller Brad Lander issued a <a href=\"https:\/\/comptroller.nyc.gov\/newsroom\/new-york-city-banking-commission-votes-to-freeze-nycs-deposits-at-capital-one-and-keybank\/\" target=\"_blank\" rel=\"noopener\">release<\/a> headlined that the commission voted to \u201cfreeze NYC\u2019s deposits\u201d at the two banks.<\/p>\n<p>\u201cThe headline is a wobbly one, given the recent banking system chaos. But, the detail is oh-so NY,\u201d Eamonn Sheridan commented on <a href=\"https:\/\/www.forexlive.com\/news\/new-york-city-banking-commission-freezes-nycs-deposits-at-capital-one-and-keybank-20230525\/\" target=\"_blank\" rel=\"noopener\">Forexlive<\/a>.<\/p>\n<p>The freeze has nothing to do with the soundness of the banks, but their compliance with a New York City edict that anti-discrimination plans must be filed. The commission\u2019s action means no more city money will go into Capital One and KeyBank.<\/p>\n<p>Three other banks that wanted to be designated as banks that could hold the <a href=\"https:\/\/www.westernjournal.com\/observers-notice-now-happening-regional-banks-federal-program-wont-stop\/\" target=\"_blank\" rel=\"noopener\">city\u2019s cash<\/a> \u2014 International Finance Bank, PNC Bank, and Wells Fargo \u2014 were rejected for the same reason.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Since banks try to maximize their profits, they only discriminate based on competence and credit worthiness. What N.Y.C wants is for banks to hire and make loans to minority applicants, even if they are less qualified and more likely to default. <a href=\"https:\/\/t.co\/q20IG75ITO\">https:\/\/t.co\/q20IG75ITO<\/a><\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1661845687317741568?\">May 25, 2023<\/a><\/p><\/blockquote>\n<p>\u201cBanks 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,\u201d Lander said in his release.<\/p>\n<p>\u201cUnfortunately, despite several opportunities to do so, five banks failed to comply with the New York City Banking Commission\u2019s designation process \u2014 leaving us to conclude that they are not taking meaningful actions to combat discrimination in their operations and are not responsible stewards of public dollars,\u201d he said<\/p>\n<p>Mayor Eric Adams was among the votes against the banks that ran afoul of the rules.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">this is funny<br \/>\nand a total distraction<br \/>\nbut still funny<a href=\"https:\/\/t.co\/TSVS3VBRxi\">https:\/\/t.co\/TSVS3VBRxi<\/a><\/p>\n<p>\u2014 John Fetterman\u2019s Neuralink (@thedrizl) <a href=\"https:\/\/twitter.com\/thedrizl\/status\/1661845049397882880?\">May 25, 2023<\/a><\/p><\/blockquote>\n<p>According to the release, Capital One, which held $7.2 million in New York City money as of the end of April, and KeyBank, which held $10 million, \u201coutright refused to submit required policies.\u201d<\/p>\n<p>As a result, no new deposits will flow to those <a href=\"https:\/\/www.westernjournal.com\/gov-kristi-noem-hits-anti-gun-banks-punishing-executive-order-wont-stand-not-south-dakota\/\" target=\"_blank\" rel=\"noopener\">banks<\/a> for the next two years.<\/p>\n<p>International Finance Bank, PNC Bank, and Wells Fargo, \u201cfailed to demonstrate they were taking action to prevent discrimination in branch openings and closings, lending decisions, hiring, and other operations,\u201d the release said.<\/p>\n<p>Deputy Comptroller for Policy Annie Levers noted that among concerns brought forward by New York City residents were that <a href=\"https:\/\/www.westernjournal.com\/big-brother-credit-card-companies-begin-tracking-gun-ammo-purchases\/\" target=\"_blank\" rel=\"noopener\">city money<\/a> was supporting banks that provide funding for \u201cfossil fuel extraction, and gun manufacturing.\u201d<\/p>\n<p>The release said that public comments included accounts from Muslims who say they were discriminated against and tenants who claimed some banks\u2019 lending practices \u201cjeopardize their rights and safe living conditions.\u201d<\/p>\n<p>\u201cClimate advocates condemned banks that have continued to lend billions of dollars for fossil-fuel expansion, despite having made net-zero commitments,\u201d the release said.<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York City\u2019s Banking Commission on Thursday punished banking giants Capital One and KeyBank for not filing anti-discrimination plans with the city. New York City Comptroller Brad Lander issued a release headlined that the commission voted to \u201cfreeze NYC\u2019s deposits\u201d at the two banks. \u201cThe headline is a wobbly one, given the recent banking system<\/p>\n","protected":false},"author":661,"featured_media":1938630,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Banking Commission Freezes Deposits at Capital One","footnotes":""},"categories":[548],"tags":[14689,9554,3734,21361,11823],"class_list":["post-1938629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily","tag-banking","tag-capital","tag-commission","tag-deposits","tag-freezes"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Banking Commission Freezes Deposits at Capital One","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1938629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1938629"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1938629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1938630"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1938629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1938629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1938629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}