NYC Council Set to Require Banks to Report Community Practices

Banks holding New York City treasury funds would be required to disclose investments and business practices in neighborhoods under a law City Council members say they’ll pass today. The bill, which Mayor Michael Bloomberg has said he intends to veto, would also create a community-investment advisory board in the Finance Department that would use census data to review banks’ branch locations, loans, delinquencies and foreclosures. Officials could use the information to determine whether the city should deposit its funds there, according to the text of the bill.

Bloomberg

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