Official: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.
Sponsor: Councilmember Goode
Introduced: January 24, 2013
Signed: March 14, 2013
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill requires banks and financial institutions that receive Philadelphia's payroll deposits to submit quarterly updates on their fair lending plans and annual statements of community reinvestment goals.
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