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Ordinance amending the Pittsburgh Code at Title Two: Fiscal, Article III: Depositories, Chapter 221: Contracts, Sections 221.02 Requirements for Qualification, 221.06 Creation of Reinvestment Review Committee, 221.07 Evaluation of Financial Institutions, and Section 221.09: Award of Banking Business, so as to fix the term of contracts with financial institutions to three (3) years.
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The Council of the City of Pittsburgh hereby enacts as follows:
Section 1. The Pittsburgh Code is hereby amended at Title Two: Fiscal, Article III: Depositories, Chapter 221: Contracts for the following sections as follows:
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? 221.02 Requirements for Qualification.
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(c) Community Reinvestment Plan. Every [two (2)] three (3) years current City depositories and any eligible financial institution seeking to become a City depository shall submit a Community Reinvestment Plan. Limited purpose banks may submit a Community Reinvestment Plan consistent with their CRA designation that may include only their community development lending, investment, or service activities. The plan describes current and proposed initiatives within the City of Pittsburgh to address the financial needs of the City, its residents and businesses, including low- to moderate-income and minority residents, and shall include, to the extent offered by the financial institution, qualitative discussion of the following services, products, and areas of activity:
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? 221.06 Creation of Reinvestment Review Committee (RRC).
The City shall create a Reinvestment Review Committee, a committee that shall act in an advisory capacity to the Director of Finance. The City Controller shall compile the provided information and prepare a report comparing the banking and lending institutions to their peers. The committee shall assist the City Controller in evaluating the performance of financial institutions; assess the Community Reinvestment Plan and make formal recommendations to the Director of Finance.
(a) Th...
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