Deputy Comptroller for Policy Annie Levers Delivers Remarks at the NYC Banking Commission Designation Vote

New York, NY — Deputy Comptroller Annie Levers delivered remarks during the NYC Banking Commission’s designation vote. The vote granted 31 banks the authority to hold City funds and receive new City accounts for services like payroll, vendor payments, and agency deposits.

Dept. Comptroller Levers’ remarks, as prepared for delivery, are below:

Good morning and thank you, Assistant Commissioner Jackman. First, I want to thank the staff of the Department of Finance for all the work that goes into this process, from reviewing these 1,000+ page applications to working with us to put together our first ever stand-alone public hearing last week. We appreciate your work and our joint efforts to make the Banking Commission more transparent. I also want to thank Sam Stanton, Andre Vasilyev, and Francesco Brindisi at the Comptroller’s office for their careful review of these applications.  

Thank you to my fellow Banking Commissioners for being partners in this process and listening to public testimony last week. There was tremendous turnout. We heard from dozens of New Yorkers, in person and through online submissions, about the harms these banks have caused in accelerating the climate crisis, widening the racial wealth gap, and discriminating against New Yorkers. The Comptroller’s office took every word of that public testimony to heart, including the urgent need to establish a public bank.  

Today, we are proud to vote in favor of the BDD applications of first-time applicant Ponce Bank and the renewal of Popular Bank – both of which serve Latino communities who are disproportionately unbanked and underbanked in our city.   

However, in the aftermath of the presidential election, we have witnessed a disturbing pattern of pre-emptive capitulation to Trump’s anti-climate, anti-DEI agenda in the financial sector.  

The Banking Commission has a responsibility to evaluate banks based on their financial position and their demonstrated commitment to anti-discrimination and community reinvestment. I’m disappointed though not surprised that the Adams administration is voting to approve banks that fall short.  

The Banking Commission does not have to be a rubber stamp for these banks in perpetuity. We can be responsible fiscal stewards while having the courage to reject the status quo when it does not serve every day New Yorkers.  

I will be voting no on three major banks—Wells Fargo, Citibank, and J. P. Morgan Chase—in protest of the Adams administration’s failure to take seriously the Banking Commission’s responsibility to demand better from these banks. Additionally, I will vote against the designation of Flagstar and Ridgewood bank due to concerns regardling poor credit ratings and overwhelming testimony from New York City tenants who experienced landlord harassment and negligence in buildings financed by these institutions.  

Wells Fargo  

The climate crisis is one of the greatest risks facing New York City. While the Banking Commission is not formally required to consider banks’ commitments to combatting climate change, it is irresponsible to ignore the role banks play in fueling a crisis that actively harms our city. 

Wells Fargo has completely abandoned its climate commitments, becoming the first major U.S. bank to walk away from its pledge to reach net-zero emissions. At the Banking Commission hearing last week, dozens of New Yorkers spoke out against Wells Fargo’s climate backslide and urged a no vote.  

From the perspective of the Comptroller, Wells Fargo Bank should not be designated under Title 22 of the Rules of the City of New York. Wells Fargo failed to meet the plain requirements of the City’s rules. The bank failed its “branch closing test.” Wells also has a long history of allegations of employment discrimination, racially disparate lending, and anti-union retaliation—violations that have led to multiple lawsuits and settlements. 

There is no justification for voting to designate Wells Fargo, which has no open accounts with the City.  

Citibank  

Citibank has complied with the Trump Administration’s attempts to illegally claw back $20 billion of Greenhouse Gas Reduction Funds meant for clean energy investments. Blindly following the Trump Administration’s orders, Citi froze grantees’ accounts without explanation, leaving them without vital funds and forcing some to file lawsuits. These actions raise concerns about Citibank’s willingness to put the political whims of the Trump Administration above their own customers.  

At the Banking Commission hearing, many New Yorkers testified against Citibank—not just for its backtracking on climate commitments, but for its role in allowing the Trump Administration to claw back $80 million in federal FEMA funds awarded to New York City. In New Yorkers’ view, this behavior suggests a dangerous pattern of compliance with federal overreach at our expense that should not be rewarded with more City deposits.  

J.P. Morgan Chase Bank 

I will also be voting no on J.P. Morgan Chase’s designation. The Commission heard compelling testimony from Muslim and Arab New Yorkers who shared detailed accounts of alleged discrimination. Most notably we heard about the abrupt and unexplained closure of the Yemeni American Merchants Association’s bank account.  

This incident is not isolated but related to “de-risking” practices that disproportionately harm Muslim and Arab communities—an experience advocates have described as “Banking While Muslim.” 

These incidents and patterns call into serious question Chase’s compliance with anti-discrimination laws. 

Ridgewood and Flagstar Banks 

Finally, after hearing testimony from New York City tenants who experienced landlord harassment and negligence, we are voting against the designation and BDD applications of Ridgewood and Flagstar Banks. Additionally, Flagstar Bank has the worst credit rating of any applicant to the Banking Commission. As such, we cannot vote in favor of designation.  

Conclusion 

The Banking Commission is charged with ensuring that banks seeking to do business with New York City government are held to the highest standards. The Adams administration continues to shirk that responsibility by ignoring the Comptroller’s calls to conditionally designate these banks and approve them over our objections.   

 Accordingly, we must vote no.  

###