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Annual Authorized Depository Lending Practices Study The City of Philadelphia is committed to ensuring that the institutions selected to be authorized depositories of City funds provide credit in a fair and unbiased manner to the citizens of Philadelphia. The economic viability and competitiveness that City depositories can invoke are vital to strengthening, and providing opportunities within, all areas of the city. In addition, the broad based lending practices of all financial institutions conducting business in Philadelphia has the potential for positive impacts on stabilizing and growing the city's tax base, adding to the quality of life of its' citizens and supporting the Philadelphia region's viability and competitiveness. The City adopted legislation that requires the Office of the City Treasurer to commission an annual report to examine lending practices of authorized City depositories for the City of Philadelphia. The Report includes a comprehensive analysis of home lending, small business lending, and branching patterns as well as measurement of the community reinvestment and fair lending performance of banks authorized to receive City deposits under Chapter 19-201 of the Philadelphia Code. Legislation: City Council Resolution No. 051161 approved December 2005 Report Format: Specification Outline for the Report content and focus Reports: Year 2007 Year 2008 Other related: Philadelphia City Controller Pennsylvania Department of Banking – 2005 Report on Residential Mortgage Lending of Foreclosures and Abusive Lending Statewide Federal Reserve - Community Reinvestment & Linked Deposit Programs |
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