WFAA, May 30, 2021, ‘A billion dollars would get people’s attention’: Support builds for solution to increase lending in minority neighborhoods
Banks lend relatively little money to the largely minority population that lives below Interstate 30 in Dallas. Now, support is building for a solution that could help change that. It’s called a responsible banking ordinance.
You may not realize it, but local governments keep your tax dollars in banks – the same banks we all use. A responsible banking ordinance requires a local government to evaluate how well a bank serves all its citizens, from high- to low-income, before choosing to do business with the bank.
The concept was developed in part by the National Community Reinvestment Coalition, which advocates for greater reinvestment by banks in low- to moderate-income neighborhoods. The coalition has drafted model legislation that local governments can work from.
