Financial practices from how many residential loans are given to low- and moderate-income borrowers and residents of color, to how much in small business...
disclose data on their lending and investment practices in underserved communitiesFinancial practices from how many residential loans are given to low- and moderate-income borrowers and residents of color, to how much in small-business loans are given to minority- and women-owned businesses, will all have to be reported yearly to the city by banks that keep or want to hold Dallas tax dollars.
Dallas residents of color face systemic barriers and lingering impacts from redlining and other discriminatory housing practices. An investigation by WFAA found in 2020 and last year that Dallas currently contracts with Bank of America to hold more than $200 million in public money and investments and to make payments on behalf of the city. The City Council approved paying Bank of America around $7.3 million for depository and lockbox services in 2019. The current deal expires in December 2024.
Though there are reporting requirements and some community education outreach mandates, there is nothing in the ordinance that requires a financial institution to provide a specific level of lending or investment anywhere in the city or to any neighborhoods.Provide copies of their long-term plans to reinvest in underserved communities, ways to address lending disparities and any assessments of community banking needs.
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