Pittsburgh Advances Responsible Lending Legislation

According to Pittsburgh Community Reinvestment Group (PCRG):

On Wednesday, December 14, Pittsburgh City Council passed Responsible Banking Legislation introduced by Councilman Bill Peduto with a preliminary vote of 5 Councilmembers voting yay and 4 Councilmembers abstaining with specific requests before a final vote scheduled for Monday the 19th.

This legislation would require financial institutions seeking to become City depositories to make a commitment to community reinvestment and responsible banking. It would also instruct the City Controller to evaluate banks with which the City does business as to their success or failure in meeting this commitment.

PCRG has been instrumental in bringing this legislation about and helping it progress.