NCRC Lauds Passage of Responsible Banking Ordinances In NY and LA
Washington, DC — Today, the National Community Reinvestment Coalition (NCRC) applauded the passage of responsible banking ordinances in New York City and Los Angeles, and commended the Association for Neighborhood and Housing Development (ANHD), an NCRC member organization, and Los Angeles City Councilmember Richard Alarcón for their efforts advancing the initiatives.
“This is a beacon of things to come,” said NCRC President and CEO John Taylor. “Local governments are becoming empowered to hold banks accountable to investing in our communities in a responsible way. In effect they are saying if you want to do business with our city, you have to play fair. We expect this trend will grow and continue in cities and localities across the nation.”
“We congratulate the Association for Neighborhood and Housing Development in New York, and City Councilmember Richard Alarcón in Los Angeles for this accomplishment. Their hard work played a key role in making these responsible banking ordinances happen.”
NCRC has been a leader in organizing local advocates to advance responsible banking ordinances. In 2010, NCRC released a model city ordinance to create community reinvestment requirements for depository institutions. The model ordinance is designed to increase the amount of responsible loans, investments, and financial services in minority and low- and moderate-income communities through heightened public accountability to municipalities and their residents.