State & Local Investments

NY, LA Continue Responsible Banking Trend

Overwhelmingly pass laws linking city deposits to local bank investment

Yesterday, New York City and Los Angeles overwhelmingly passed responsible banking ordinances, giving new momentum to a trend occurring nationwide. The responsible banking ordinance enables cities and localities to deposit city money into banks that can demonstrate their commitment and investment to the local community. It requires that banks disclose detailed loan and foreclosure data by community if they want to do business with the city.

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