WHEREAS,
The lending practices of financial institutions have a measurable impact on the City's tax base, quality of life and overall economic viability and competitiveness; and
WHEREAS,
Economic viability and competitiveness comes from strengthening, and providing opportunities within, all areas of the City; and
WHEREAS,
In December of 2005, City Council unanimously passed a resolution calling on the Office of the City Treasurer to commission an annual study of lending disparities by city depositories and to produce a report deliverable to the Mayor and the City Council. The annual report was to include a comprehensive analysis of home lending, small business lending, and branching patterns as well as the measurement of the community reinvestment and fair lending performance of banks receiving City deposits; now therefore, be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA
,
That the Committee on Commerce and Economic Development is hereby authorized to hold hearings on the study of lending disparities recently released by the City Treasurer.
End