'New York City Banking Commission Votes to Freeze NYC's Deposits at Capital One and KeyBank'
Portfolio Pulse from Benzinga Newsdesk
The New York City Banking Commission has voted to freeze NYC's deposits at Capital One (COF) and KeyBank, citing concerns over their Community Reinvestment Act (CRA) performance. The decision will impact the banks' ability to receive new deposits from the city.
May 25, 2023 | 8:51 pm
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NEGATIVE IMPACT
Capital One's ability to receive new deposits from NYC is impacted due to the Banking Commission's decision to freeze deposits over CRA performance concerns.
The decision to freeze deposits directly affects Capital One's business with New York City. This may lead to a negative perception of the bank's CRA performance, potentially impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
KeyBank's ability to receive new deposits from NYC is impacted due to the Banking Commission's decision to freeze deposits over CRA performance concerns.
The decision to freeze deposits directly affects KeyBank's business with New York City. This may lead to a negative perception of the bank's CRA performance, potentially impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100