PASSED

This enacted law requires banks and other institutions authorized to hold City deposits to annually certify compliance with Section 17-104 of the Philadelphia Code and submit a long-term plan to address disparities in their lending and investment activities. The City Treasurer must report whether each depository met these requirements and withdraw City funds from institutions that did not comply until they meet the requirements.

Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by requiring any City Depository authorized to accept City deposits under Section 19-201 of The Philadelphia Code to annually certify compliance with Section 17-104 and to provide the City with a long term strategic plan to address disparities in its lending and investment activities.