NCRC Applauds Passage of Local Responsible Banking Ordinance in Boston

Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) applauded the Boston City Council’s unanimous passage of a local responsible banking ordinance.

“We are very pleased that the Boston City Council has passed a local responsible banking ordinance,” said NCRC President and CEO John Taylor. “Local responsible banking ordinances empower local governments to hold banks accountable and help to ensure that they are investing in our communities in a responsible way. NCRC is proud to support the efforts of communities and our members across the county to get these ordinances passed at a local level.”

NCRC believes that Boston’s bill includes a comprehensive approach that will help to ensure that traditionally underserved communities will benefit from increases in bank branches and responsible home, small business, and community development lending and investing. The bill also measures the foreclosure prevention and loan modification efforts of banks seeking municipal business.

NCRC has been a leader in organizing local advocates to advance responsible banking ordinances. In July of 2012, NCRC and NCRC member organization the Association for Neighborhood and Housing Development (ANHD) released a set of local responsible banking resources. In 2012, NCRC also released an updated version of its model city ordinance, which was first made available in 2010.

In 2012, San Diego, New York City and Los Angeles passed responsible banking ordinances.

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.

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