Bank bill would review how Philadelphia is treated by lending institutions

A Philadelphia City Councilman is pushing to move city deposits to banks that lend to residents. 

Councilman Wilson Goode says he believes that only banks that are good to city residents deserve city deposits.

“Banks have a responsibility to lend to all communities, we have been monitoring that for several years now, we have very effective work that is being done by consultants, but we want to bring in advocacy groups and stakeholders to review that data as well,” said Goode.

Goode wants to create an umbrella committee to review bank track records.

“It will be a formal committee that will make recommendations to council who should be authorized to hold city money,” he said.

A vote on creating the new committee could come as soon as this week.