a.Include local banks in any request for proposals for depository services.

b.Require prospective bidders to provide the City with data on their responsible banking practices.

c.Include in contracts for depository services a statement of work that provides a framework for responsible banking.

d.Establish relevant reporting criteria and time frames to validate the statement of work.

e.Incorporate responsible banking bid criteria requiring any bidder to describe current or proposed programs that address the financial needs for the City’s residents and businesses including: community involvement and reinvestment; meeting community banking needs; supporting small business lending and community development; providing for home ownership and consumer credit; assisting distressed homeowners; residential lending including affordable mortgage programs, new construction and rehabilitation lending and investment; and allowing for products and services that are advantageous for the City and its residents.

f.Include in contracts for depository services that financial institutions shall provide the City with an annual report of their community involvement and reinvestment; meeting community banking needs; supporting small business lending and community development; providing for home ownership and consumer credit; assisting distressed homeowners; residential lending including affordable mortgage programs, new construction and rehabilitation lending and investment; and allowing for products and services that are advantageous for the City and its residents.

g.Require, as part of that year’s annual data disclosure, that financial institutions shall provide a two-year plan for loans and services. Institutions shall describe how they will match or exceed peer Community Reinvestment Act (CRA) performance.

h.Include in contracts for depository services that depositories sign an annual affidavit that they have incorporated the terms and conditions of the responsible banking ordinance.

i.Include in contracts for depository services that the City shall not keep deposits with depositories that have been the subject of a court judgment that they have engaged in predatory lending practices to residents of Monterey County.

j.Include in contracts for depository services that depositories shall provide 120-day notice to the City for branch closures and shall identify branch location and reason for closure.

k.Include in contracts for depository services that if the Finance Director/City Treasurer determines that a depository has failed to meet the requirements for reporting and compliance, such depository shall be prohibited from holding City funds. (Ord. 3526 § 3, 2015)