Title
Requesting the City's Human Rights and Equal Economic Opportunity Department to establish and convene a Responsible Banking Committee.
Body
Whereas, racial disparities in homeownership, small business development and financial accessibility continue to plague the city and state; and
Whereas, the City of St. Paul has a commitment to racial equity and expanding opportunities for all members of the city to have access to affordable housing and financial services; and
Whereas, the Community Reinvestment Act was passed in the 1970’s to reduce disinvestment, and while progress has been made, disparities in the Minnesota still persist; and
Whereas, City investments must be in compliance with the City of Saint Paul’s Investment Policy and Minnesota Statutes Chapter 118A; and
Whereas, in 2014, the City amended Chapter 2 of the Saint Paul Administrative Code pertaining to Community Presence and Responsibility in Banking requiring financial institutions to disclose certain information for public review, Ord 14-30; and
Whereas, the City periodically releases a new Banking RFP to decide who will serve the City’s general banking needs for the next three to five years; and
Whereas, the RFP provides an opportunity for the City to work with a bank or banks that share its commitment to racial equity and community reinvestment and collect data on specific goals; and
Whereas, the newest St. Paul Banking RFP will be released on February 1, 2017 and will include the "Community Presence and Responsibility in Banking Questionnaire," related to community reinvestment, housing, small businesses and financial accessibility and how each financial institution applying to become the City’s bank intends to expand access and equity; and
Whereas, community involvement in decisions about banking in St. Paul and racial equity will increase the engagement of the community, increase transparency and the creation of more powerful collaborations to meet the City's goals; now,...
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