READ AND PASSED

This enacted measure requires contracts with banks or other institutions receiving City payroll deposits, including renewals, to include annual community reinvestment goals and fair lending plans. These deposit recipients must also provide the City Treasurer and City Council with quarterly updates on their fair lending plans and progress toward those goals.

Amending Chapter 19-200 of The Philadelphia Code, entitled "City Funds - Deposits, Investments, Disbursements," by requiring that contracts with proposed recipients of City Payroll Deposits, as well as any renewals of such contracts, include an annual statement of community reinvestment goals in addition to existing requirements; and by requiring that the recipients of such deposits provide quarterly updates on their fair lending plans and annual statements of community reinvestment goals; all under certain terms and conditions.