PASSED

This enacted measure requires banks and other institutions eligible to hold City funds to submit annual statements describing their community reinvestment goals for low- and moderate-income Philadelphia neighborhoods, including planned loans and investments. The City Treasurer must withdraw City funds from institutions that do not submit the statements and may redeposit funds only after the institution complies and the Treasurer certifies that compliance to the City Council President.

Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by prohibiting the City Treasurer from depositing funds in banks and institutions that have failed to submit statements of community reinvestment goals for low and moderate income neighborhoods in the City of Philadelphia, under certain terms and conditions.