Today, City Council’s Committee on Finance unanimously approved City Councilman At-Large W. Wilson Goode, Jr.’s Depository Branching Bill. The legislation requires that any City Depository authorized to accept City deposits under Section 19-201 of The Philadelphia Code notify the City of proposed branch closings.

Under the proposed new law, the City depository bank must provide the City with notice no later than 90 days prior to the date of the proposed branch closing. The notice to the City shall be sent to each member of City Council, the City Treasurer, the Commerce Director, and the Mayor’s Office of Consumer Affairs.

The contents of the notice to the City shall include:
1) identification and/or address of the branch to be closed;
2) the proposed date of the closing; and
3) a detailed statement of the reasons for the decision to close the branch.

Witnesses at the hearing included: the Action Alliance of Senior Citizens, Community Legal Services, and the Office of Consumer Affairs