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Carver Bancorp, Inc. Message Board

  • no_slappz no_slappz May 15, 2012 4:51 PM Flag

    A Bad Law for Carver

    The idiots of the City Council are at again. Crain's says...

    Tuesday's passage of the Responsible Banking Act, also by a vote of 44 to 4, sets up another showdown with the mayor, who has promised to veto it.

    If it becomes law, banks holding city funds would be essentially obligated to disclose information on their activities for review by a community investment advisory board.

    The board would prepare an annual report on how the institutions are serving low-income neighborhoods, lending to affordable housing projects and handling foreclosed properties, among other measures.

    The report would be considered by the Banking Commission in its selection of banks to hold city money.

    The city has 31 approved depositors holding amounts that reach into the billions, with JPMorgan Chase & Co. and Bank of America Corp. holding the most, nearly $300 million combined.

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