Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the Washington, DC City Council’s passage of a responsible banking ordinance, which will require banks bidding on municipal deposits and investments to submit community development plans describing the loans, investments, and bank services they would provide to minority and modest-income neighborhoods.
“We applaud the DC City Council for advancing responsible banking in our nation’s capital, and congratulate NCRC member organization Manna, Inc. and other local groups for the key role they played in the passage of the bill,” said NCRC President and CEO John Taylor. “This Act will hold banks accountable and help to ensure that working families and residents in underserved areas have greater access to fair and responsible credit and banking services. We are proud to support the efforts of communities and our members across the county to get ordinances like this one passed at a local level.”
“Today the District Council has acted to help low and moderate income households with wealth creation and equity building in the District’s overlooked neighborhoods,” said Reverend Jim Dickerson, Manna, Inc. CEO. “By holding large banks publicly accountable, this bill will significantly increase the amount of home and small business loans throughout the District but particularly in economically disenfranchised communities such as those East of the River. Most Americans build wealth by buying a home or starting a small business. This bill provides hardworking District residents a fair chance to attain their dreams.”
In February of 2014, NCRC testified before the DC City Council in support of the ordinance. NCRC has been a leader in organizing local advocates to advance responsible banking ordinances, and in recent years has helped to advance the passage of ordinances in New York, Los Angeles, San Diego and several other cities. In 2012, NCRC released an updated version of its model city ordinance, which was first made available in 2010.
About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.