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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 240559

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Sponsor: Mayor Pro Tem Ryana Parks-Shaw
COMMITTEE SUBSTITUTE

Amending Chapter 2, Code of Ordinances, by enacting new Sections 2-1616 through 2-1620 for the purpose of imposing proprietary socially responsible banking practices on depository banks engaging in business with the City of Kansas City.

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WHEREAS, the practices and products of financial institutions, such as loans and investment products, have a measurable impact on the City's tax base, quality of life, and overall economic viability and competitiveness; and

WHEREAS, economic viability and competitiveness comes from strengthening and providing opportunities within all areas of the City; and

WHEREAS, financial institutions receive deposits and other forms of investments and accounts from the City; and

WHEREAS, City banking needs are significantly complex reflecting the operations of a $2.3 billion organization and a limited number of financial institutions are capable of handling City business and banking institutions are selected in accordance with the requirements of Section 2-1614, Code of Ordinances; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That Chapter 2, Code of Ordinances is hereby amended by enacting new Sections 2-1616 through 2-1620 as follows:

Sec. 2-1616. Socially Responsible Banking- Purpose

Financial institutions have a continuing and affirmative obligation to serve the credit and other financial needs of all residents, including and especially historically disadvantages communities, such as minority communities, low- and moderate-income communities, and older adults, consistent with applicable laws and safety and soundness. Socially responsible efforts made by financial institutions will be reviewed and evaluated in the context of selection and retention of financial institutions subject to t...

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