City Council Passes CCO-Supported Responsible Banking Resolution

The resolution seeks to increase consumer protections and incentivize financial institutions to offer affordable loans to home buyers. 

By Megan Black, CCO at megan@cco.org.

In late February, Communities Creating Opportunity (CCO) leaders like Alesia Drake of True Vine Baptist Church, Charles Lyle of Trinity COGIC, and Mary Rabon of St. James UMC pushed a Responsible Banking Resolution through City Council, making good on a commitment made at CCO’s October Opportunity Now! event. Officials from both sides of the state line promised to support the passage of responsible banking ordinances.

Kudos to City Councilwoman Jan Marcason for introducing the resolution, which directs the City Manager to ensure that Kansas City selects bank proposals that are responsive to our community’s needs and do not engage in predatory lending. The resolution passed unanimously.

We are glad that KCMO elected officials are keeping their promise and are taking steps toward strengthening the City’s proposal selection criteria. We await a more permanent solution and the passage of a similar ordinance from our Wyandotte County counterparts.

Homeowners are not the only one’s suffering from the banks’ irresponsible behavior. City, county, and state governments are facing massive budget deficits thanks to the banks’ well-documented recklessness.

To ensure that our local and state governments are investing their dollars in banks that invest back into their community, congregations and organizations from across the PICO Network (CCO’s national network) are developing ordinances in Los Angeles, New York City, and other locations that will move money out of irresponsible financial institutions and into banks that are willing to keep families in their homes, invest in rebuilding our neighborhoods, and ensure access to good credit. 

Click on http://www.piconetwork.org/newbottomline and http://www.anhd.org to learn more about these efforts and visit www.MakeWallStreetPay.org to see how much Wall Street is costing you, your community, and your state.

Note:  The City Council has not passed a Responsible Banking Ordinance yet (they passed a banking resolution), but CCO will continue to push for a permanent solution to reckless and destructive banking practices.  This effort is part of CCO’s Economic Dignity campaign.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: