SAN DIEGO (CNS) - The City Council's
Rules Committee Wednesday directed the city attorney to draft an ordinance that
would require banks with which the city of San Diego does business to submit
annual data on loans, foreclosures and other issues.
The proposal by council President Tony Young calls for banks to
provide information on their home and small business lending, modifications of
distressed loans, foreclosure information, community investment, employment diversity
and number of jobs.
Young also wants two-year community reinvestment plans to be
submitted for residential and small business lending in low- and
moderate-income neighborhoods.
His proposed Responsible Banking Ordinance also calls for the city
to establish a Community Reinvestment Review Committee made up of council
members and mayoral staff. The committee would recommend which banks should
receive city deposits and handle financial transactions.
The city currently deals with three banks.
"(Banking) is a competitive businesses --
make them compete for our business," Councilman Todd Gloria said.
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