City Councilman W. Wilson Goode, Jr. will introduce the 2009 Depository Compliance Bill at the September 24 meeting. The bill would reduce the number of banks authorized to receive city deposits from twelve to nine.

The 2009 Depository Compliance Bill will enforce Goode’s Fair Lending and Community Reinvestment Ordinance, which requires City depositories to annually submit goals for lending in low and moderate-income communities, as well as a long-term strategic plan to address any lending disparities disclosed in an annual study.

The banks that will remain as city depositories have complied with the Fair Lending and Community Reinvestment Law, and have committed to making over 10,000 small business, home mortgage, home improvement and home refinance loans in low and moderate income neighborhoods. The financial impact of those commitments is hundreds of millions of dollars.

“Under Section 6-300 of the Philadelphia Home Rule Charter, City Council has the authority to designate City depositories and fairly broad power to place conditions on such depositories,” Councilman Goode said. “And City Council has a responsibility to hold City depositories accountable for fair lending and community reinvestment in low and moderate-income neighborhoods.”