PASSED

The enacted bill changes how Philadelphia selects banks or other qualified institutions to hold funds used for City employee payroll. At least once every four years, the City Treasurer must seek applications and negotiate proposed contracts, which require City Council approval and a fair-lending plan based on the latest City-commissioned lending disparity studies; contracts may last one year with up to three one-year renewals, each also requiring Council approval.

Amending Section 19-201 of The Philadelphia Code, entitled "City Depositories," by amending the process for the selection of City payroll depositories, under certain terms and conditions.