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Legislation #: 120113 Introduction Date: 2/2/2012
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER MARCASON
Title: Directing the City Manager to consider certain criteria in future requests for proposals for banking institutions to ensure that the City selects banks that are responsive to our community needs and do not engage in predatory lending.

Legislation History
DateMinutesDescription
2/1/2012 Filed by the Clerk's office
2/2/2012 Referred to Finance, Governance & Ethics Committee
2/8/2012 Immediate Adoption
2/9/2012 Adopted

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Fact Sheet 0K NO FACT SHEET SUBMITTED TO THE CITY CLERK'S OFFICE

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RESOLUTION NO. 120113

 

Directing the City Manager to consider certain criteria in future requests for proposals for banking institutions to ensure that the City selects banks that are responsive to our community needs and do not engage in predatory lending.

 

WHEREAS, predatory lending has plagued Kansas City as some financial institutions have offered loan products to borrowers with incomplete or confusing documentation or with outrageous interest rates and unfair fees, destabilizing families and our community; and

 

WHEREAS, the City periodically issues a request for proposals to financial institutions and then selects the City’s banks from among the submitted proposals; and

 

WHEREAS, the City, as a leader in our community, should require that the banks where it deposits the City’s money be engaged in responsible banking practices; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

That the City Manager is directed to consider the following criteria in future requests for proposals for banking services:

 

a.       Community investment, such as loan modifications;

 

b.      Small business loans;

 

c.       Affordable home loans;

 

d.      Absence of payday lending and investments; and

 

e.       Number and locations of branches and services provided at each branch

 

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