Washington, D.C. – Today, Josh Silver, Vice President of Research and Policy at the National Community Reinvestment Coalition, testified before the District of Columbia City Council’s Committee on Business, Consumer, and Regulatory Affairs in support of the Community Development Amendment Act of 2013. The Act would 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. The community development plans would be a factor the city would use in awarding business to banks.
“NCRC believes that the Community Development Amendment Act is an important measure to ensure responsible investment in the Washington, DC community,” said NCRC President and CEO John Taylor. “Responsible banking ordinances such as this one are a growing trend throughout the country to reward banks that make outstanding investments in communities, and low-and moderate-income neighborhoods in particular.”
“The District of Columbia places about $2 billion worth of deposits and investments with the financial institutions that process the city’s payroll and other expenses and revenues,” said Josh Silver, NCRC’s Vice President of Research and Policy. “All we are asking is that in return for the privilege of safeguarding billions of dollars of city residents’ money, the banks describe how they are going to invest in the Washington, DC community and provide hard-working citizens a chance to build wealth, thereby benefiting their neighborhoods and contributing to economic growth.”
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.