Lander calls on banks holding New York City’s deposits not to capitulate to Trump’s attacks on climate, DEI and civil rights
As Donald Trump and his allies escalate their attacks on climate action, DEI, and civil rights, the Comptroller’s Office voted against the designations of Wells Fargo, Citibank, and JP Morgan Chase during today’s New York City Banking Commission designation vote.
“The banks that hold New York City’s deposits should adhere to the rule of law and New York City’s core values. They should not yield to Donald Trump’s far-right, discriminatory, anti-climate, anti-DEI agenda,” said Comptroller Brad Lander. “Last week, at the first ever standalone public hearing of the Banking Commission, New Yorkers offered powerful testimony about the harms these banks caused in accelerating the climate crisis, widening the racial wealth gap, and discriminating against New Yorkers. Rather than rewarding them, as the Adams Administration is doing with today’s designations, New York City should demand better from these banks—to advance community reinvestment, combat discrimination, support climate action, and serve all New Yorkers fairly.”
Additionally, the Comptroller’s Office voted against the designation of Flagstar and Ridgewood bank citing poor credit ratings and testimony from New York City tenants who experienced landlord harassment and negligence in buildings financed by these institutions.
The Banking Commission approved the designation of all five banks over the Comptroller’s objections and calls to invoke the necessity exemption to conditionally designate. The Adams administration’s votes granted these banks the authority to hold City funds despite the banks’ continued investments and policies that undermine climate action, affordable housing, and civil rights, and in defiance of overwhelming public testimony opposing their designation.
The New York City Banking Commission is a three-member body composed of the Mayor, the Comptroller, and the Commissioner of the Department of Finance responsible for approving which banks are eligible to hold City deposits. The Commission’s vote will grant 31 banks the authority to hold City funds and receive new City accounts for services like payroll, vendor payments, and agency deposits. Under the Charter and the Rules of the NYC Banking Commission, to comply with designation requirements a bank must file certificates concerning its policies of non-discrimination in hiring, promotion, and delivery of banking services, and for bank closings.
Today’s vote takes place one week after the Banking Commission’s first-ever standalone public hearing, where dozens of New Yorkers testified powerfully about the harmful roles these banks continue to play in the city, including investments and policies that accelerate the climate crisis, fund some of the city’s worst landlords, and deepen the city’s racial wealth gap. The stand-alone hearing builds on the reforms advanced by Comptroller Lander’s administration to improve the Banking Commission’s transparency and accountability.
Climate Action
The Comptroller voted against designating Wells Fargo and Citibank for caving to Trump’s anti-climate agenda. In February shortly after Trump took office, Wells Fargo became the first and only major U.S. bank to abandon its pledge to reach net-zero financed emissions by 2050. Wells Fargo scrapped its sector-specific interim emissions targets for 2030. The bank abdicated its responsibility to stop the climate crisis, claiming that the actions needed to achieve a just transition to clean energy are outside of its control—all while pouring $300 billion into fossil fuel projects that contribute to climate collapse.
Citibank has come under fire for unlawfully withholding $20 billion of Congressionally approved Greenhouse Gas Reduction Funds for clean energy. Citibank locked out clean energy nonprofits grantees from accessing lawfully awarded funds without providing any justification for doing so. Now the bank is the defendant in multiple lawsuits for violating its contract. Comptroller Lander voted against Citibank’s designation to hold it accountable for prioritizing Trump’s agenda over the bank’s contractual obligations.
“Over the past decade, Wells Fargo has been involved in multiple high-profile scandals and regulatory actions. These crimes alone should make Wells ineligible to be a designated NYC bank, and laughably so. But even more damaging—and most important for us in Third Act, who are terrified about the kind of world we are on track to leave our grandchildren, especially here in NYC, which is significantly vulnerable to climate change impacts —is Wells’ contribution to the climate crisis. On February 28, 2025, Wells Fargo became the first major U.S. bank to abandon its 2030 and 2050 climate targets. In addition, between 2016 and 2023 Wells Fargo provided almost $300 billion to the coal, oil, and gas companies driving the climate crisis. The bank is a totally inappropriate partner for the City of New York and our Comptroller’s Office, has shown the world what real climate leadership looks like,” said Sheldon Pollock, Third Act NYC.
Civil Rights
The Comptroller also voted against the designation of J.P. Morgan Chase Bank after receiving troubling testimony about Muslim and Arab New Yorkers’ experiences of discrimination, ultimately voting against the designation of J.P. Morgan Chase, which holds the City’s payroll accounts.
Comptroller Lander continued, “New York City has the most expansive anti-discrimination laws in the country and it is incumbent upon banks that hold City deposits to adhere to the spirit and letter of the law. Anything less falls short of the requirements for designation under Title 22 of the Rules of the City of New York.”
Tenant Rights
Comptroller Lander also voted against the designation of Flagstar Bank and Ridgewood Savings Bank, following testimony from tenants experiencing harassment and neglect from landlords financed by these institutions. In addition, Flagstar Bank held the worst credit rating of any applicant.
Read Deputy Comptroller Annie Levers’ full remarks here: https://comptroller.nyc.gov/newsroom/testimonies/deputy-comptroller-for-policy-annie-levers-delivers-remarks-at-the-nyc-banking-commission-designation-vote/
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