Capital One, a Virginia-based bank holding company, has been hit in the midst of ongoing culture wars sweeping through the U.S. after its New York City deposits have been frozen for failing to submit required anti-discrimination plans, prompting a decline in the stock’s value.
The New York City Comptroller said on Thursday that it joined the mayor’s office and the Department of Finance in freezing city deposits at Capital One and KeyBank, a Cleveland-based retail banking company. Both banks hold a collective $17.2 million in city deposits.
The halt was the result of a failure to disclose required reports about non-discrimination policies and comes as several states, including Texas and Florida, have stopped doing business with banks over “woke” practices.
“The perspectives we heard today from New Yorkers who experienced discrimination in the process of opening or closing accounts, and frontline bank staff who faced illegal and abusive practices, should give all of