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The Straight Story

(48,121 posts)
Tue Jan 10, 2012, 03:48 PM Jan 2012

Pittsburgh tries again to make banks good corporate citizens

Pittsburgh tries again to make banks good corporate citizens


Legislation designed to make banks better corporate citizens is back on Pittsburgh City Council's agenda.

Councilman R. Daniel Lavelle introduced his own version, a couple of weeks after voting against the original legislation sponsored by Bill Peduto.

The legislation applies to banks holding city funds.

As did Mr. Peduto's bill, the new version would require banks to write community investment plans. The city would track the banks' follow-through and reward top performers with a greater share of city business.

...

Mr. Lavelle said his version has a few important differences, such as requiring depositories to hold the city's funds at the institutions' city branches. Whenever possible, the banks would be expected to hold the funds in branches located in poorer neighborhoods, a step that would help to ensure the viability of those branches, Mr. Lavelle said.

http://www.post-gazette.com/pg/12010/1202575-100.stm

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