From westernjournal.com
New York City’s 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 “freeze NYC’s deposits” at the two banks.
“The headline is a wobbly one, given the recent banking system chaos. But, the detail is oh-so NY,” Eamonn Sheridan commented on Forexlive.
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’s action means no more city money will go into Capital One and KeyBank.
Three other banks that wanted to be designated as banks that could hold the city’s cash — International Finance Bank, PNC Bank, and Wells Fargo — were rejected for the same reason.
“Unfortunately, despite several opportunities to do so, five banks failed to comply with the New York City Banking Commission’s designation process — 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,” he said Mayor Eric Adams was among the votes against the banks that ran afoul of the rules.
As a result, no new deposits will flow to those banks for the next two years.
International Finance Bank, PNC Bank, and Wells Fargo, “failed to demonstrate they were taking action to prevent discrimination in branch openings and closings, lending decisions, hiring, and other operations,” the release said.
Deputy Comptroller for Policy Annie Levers noted that among concerns brought forward by New York City residents were that city money was supporting banks that provide funding for “fossil fuel extraction, and gun manufacturing.”
The release said that public comments included accounts from Muslims who say they were discriminated against and tenants who claimed some banks’ lending practices “jeopardize their rights and safe living conditions.”
“Climate advocates condemned banks that have continued to lend billions of dollars for fossil-fuel expansion, despite having made net-zero commitments,” the release said. Source
Brothers and sisters in Christ, I feel something is afoot. Even though they say that these two banks are financially sound, it makes me wonder what is really going on. Just this news coming out is harmful to these banks. I’m sure that customers of both banks are a bit jittery and wondering if their accounts may be in peril.
Who knows? SO many lies coming from all directions.
We keep our eyes on our Lord Jesus.
We trust Him fully and we keep looking up!
MARANATHA!
It’s encouraging that banks are resisting some of the ESG stuff woke stuff even if they are thoroughly woke themselves (Key is for sure). Eric Adams is no banker. Sound loans are based on credit worthiness, income ability to pay, collateral & timely responsibility/stability indicated in their credit report.
See Eric it’s like this, its a well known fact banks loan, not give out $ bcuz they are a business & have to make a profit so the people who bought shares in that bank will get a return on their investment & Eric, the bank must get that loaned out $ back to pay their overhead & interest on deposits so they can loan that out as well. If not the bank will lose $, go out of business & people will lose their jobs. They can’t just raise taxes whenever they’re a little short with the force of the law behind them. It’s not a difficult concept to grasp and banks have always operated this way from time immemorial. See Eric banks are different than spend thrift govts or their policies that buy votes by burdening businesses with unnecessary rules & regulations.
I realize these terms of which I speak are foreign terms for Democrats/ Socialist/Commies who only know the “tax and spend” mantra & maybe run a printing press & never heard of a balanced budget. I doubt good old Eric will reimburse the bad loans incurred by lowering the politically induced standards just based on the ability to fog a mirror & skin color. No wonder banks are leery.
BTW, Eric, in NYC the Mafia (bank) has lotsa $ to “loan” out & is close by..why not ask them for the same service?
I will make this an article tomorrow – so tired tonight