For what shall it profit a city, if it shall gain security for its funds, and lose its own soul?
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At least, that’s what I think is going on here.
Comptroller Brad Lander is freezing city deposits at two major banks because they’re not woke enough for him.
Lander, the city’s chief financial officer, boasted in a press release that Mayor Eric Adams and city Finance Commissioner Preston Niblack joined him as members of the city’s Banking Commission Thursday in taking action against Capital One and KeyBank — alleging both lenders “outright refused to submit required policies” to weed out “discrimination.”
Following its first-ever public hearing, the commission also voted to prohibit three other banks from accepting city money because they, too, failed to supply anti-discrimination policies in writing: International Finance Bank, PNC Bank, and Wells Fargo, according to Lander.
“Unfortunately, despite several opportunities to do so, five banks failed to comply with the … 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,” Lander said.
