Bloomberg Law
May 26, 2023, 2:10 PM

Capital One, KeyBank Barred From New NYC Agency Deposits (1)

Tanaz Meghjani

The New York City Banking Commission voted Thursday to prohibit additional city deposits at Capital One Financial Corp. and KeyCorp’s KeyBank for up to two years after the banks failed to submit plans demonstrating their efforts to combat discrimination.

At its first-ever public hearing, the commission extended conditional designation to Capital One and KeyBank, which will allow them to service existing accounts for one year. The commission also deemed 26 banks eligible to hold the city’s deposits and provide banking services to city agencies for the next two years. Signature Bank, which had previously been allowed to hold ...

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