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The ANHD Blog raises the profile of our issues, and educates our member groups, city decision makers, and the general public on our core issue areas. The ANHD Blog offers sharp, timely and effective commentary on key public policy issues, as well as our work and the work of our member groups.

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BOSTON WINS !

September 23, 2013

 

Just Passed the Responsible Banking Ordinance!
 
Responsible Banking ordinances are taking roots and growing!  ANHD congratulates Boston for passing one of strongest, if not the strongest, Responsible Banking Ordinances (RBO) in the country!  On September 18th, the Boston City Council unanimously passed the "Invest in Boston" ordinance sponsored by Councilor Felix G. Arroyo ensuring that the City of Boston will only do business with banks that act responsibly in their city.  They are the fourth major city to pass an RBO in just the past two years, following New York City, Los Angeles, and San Diego.   The "Invest in Boston" bill lays out clearly defined expectations for banks seeking to hold Boston's municipal deposits.  Banks must demonstrate a commitment to fair lending and responsible banking to homebuyers, homeowners, small businesses, and consumers, with an emphasis on better serving historically redlined and underserved neighborhoods and residents.  This includes strong foreclosure response and prevention and a strong track record and plans for reinvestment through community development loans and investments.    Central to the bill is its community involvement component.  Banks will be evaluated by a 10-member Community Reinvestment Commission comprised of government, community, and industry representatives who will gather and release the data and hold public hearings for the community to respond.  They will produce a final report compiling all of the data and showing how banks rank to one another.  Banks that rank in the bottom 25% as compared to their peers will be ineligible to hold City deposits, while banks at the top 25% stand to gain more City business.   This bill contains all of the best practices laid out in the "Keeping Banks Accountable to our Communities"report produced by ANHD and the National Community Reinvestment Coalition (NCRC).  ANHD helped pass New York City's Responsible Banking Act in 2012 that also has many of the best practices, most notably the community engagement piece.  We are eager to work with the next administration to fill the vacant seats on the Community Investment Advisory Board and promptly implement the new law.

Blogger - Jaime Weisberg

ANHD blog team:  Benjamin Dulchin, Moses Gates, Ericka Stallings, Jaime Weisberg, 

Barika Williams, Eric Williams. Anne Troy, editor.

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