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Responsible Banking Act Begins!
After a successful community-led campaign, then two years of delays and legal challenges, the Responsible Banking Act (RBA) is now in effect! Yesterday, January 13th, was the first official meeting of the Community Investment Advisory Board (CIAB).
Local Hearings Set to Kick Off Responsible Banking Act! First round of public hearings – one in each borough – are Feb 9 through 18.
Now is the time for the community to make its voice heard!
After a successful community-led campaign, then two years of delays and legal challenges, the Responsible Banking Act (RBA) is now in effect! Yesterday, January 13th, was the first official meeting of the Community Investment Advisory Board (CIAB). The CIAB is a board comprised of government, community, and bank representatives that is tasked with carrying out the RBA. We applaud the mayor and speaker for assembling such a diverse, talented group that will engage all stakeholders in the process.
Over $150 billion of New York City’s money flows to and through local banks, which hold roughly $6 billion in deposits at any given time. The RBA lets the city use the power of that money to hold banks accountable to better meet the needs of our local communities. This RBA gives us a powerful tool to hold banks accountable and reward the best local bank reinvestment practices.
This first meeting served three very important purposes. First, the CIAB members were introduced (see below). Second, we met the new Department of Finance staff members and the EConsult Solutions team. EConsult are the consultants who will be collecting and analyzing the data to present to the CIAB, the community, and ultimately the NYC Banking Commission. Third – and most important – we learned key dates where we can participate. The public hearings start Feb 9th.
The RBA will only work if we participate. The power of the RBA comes from us raising our voices through the public hearings that provide everyday New Yorkers a vehicle to engage in the process in a meaningful way. This is our chance to share our local credit needs and how the banks are responding to these needs. The first set of public hearings for the needs assessment will take place February 9-18 – one in each borough, starting in Brooklyn. This is to inform the biannual needs assessment by sharing our local credit and banking needs, which will help establish benchmarks, or goals, for banks to meet. They will then be assessed against these needs and benchmarks in the annual report, which comes out in November (public hearing September 9th).
What can you do?
- Organize! Talk to your friends and neighbors about banks and community needs. Join a community organization – ANHD members are perfect! Attend local meetings!
- Show up! There is strength in numbers: Get the word out and encourage other people to get involved
- Speak up! Make comments at the public hearings (or in writing) about your community needs and how banks are responding.
Click HERE to learn more about the RBA:
Community Investment Advisory Board members include the following representatives for:
- Mayor: Peter Hatch
- Commissioner of Finance: Jeffrey Shear
- Commissioner of Housing Preservation and Development (HPD): Tracey Gardner
- Comptroller: Brian Cook
- Speaker of the City Council: Tanisha Edwards
- The City’s banking industry (appointed by the Mayor): Blondel Pinnock, Carver Bank
- Community development, housing, and/or consumer protection organizations (appointed by the Speaker): Bernell Grier, NHS NYC
- Small business owners (appointed by the Speaker): Chris Kui, AAFE