This is a breaking news alert…
New York Regulators have frozen account deposits at Capital One Bank and Key Bank:
JUST IN: 🇺🇸 NYC freezes deposits at Capital One bank.
— Watcher.Guru (@WatcherGuru) May 25, 2023
JUST IN: New York City freezes deposits at Capital One Bank
— Archangel (@deplora80055754) May 25, 2023
Here’s the best part though…
Do you want to know why?
Fraud at play?
The reason they’ve frozen deposits is because the bank didn’t do enough to “fight discrimination”.
Yes, that’s really the story.
New York City’s banking commission voted to freeze deposits at Capital One Financial Corp. COF, +0.43% and KeyCorp’s KEY, -0.88% KeyBank after the two banks failed to submit required plans showing their efforts to halt discrimination, the city’s comptroller said in a statement on Thursday, alleging that the banks “outright refused to submit required policies.”
The comptroller, Brad Lander, also voted against designating Wells Fargo & Co. WFC, +0.07%, PNC Financial