Under the proposed responsible banking ordinance, financial institutions that keep or want to hold Dallas tax dollars would have to give data to city...
Any bank that doesn’t send in full reports to Dallas could be banned from being used as a depository for city money for five years. The City Council could approve the new rules as early as May 25.
Dallas currently contracts with Bank of America to hold more than $200 million in public money and investments and make payments on behalf of the city. The City Council approved to pay Bank of America around $7.3 million for depository and lockbox services in 2019. The current deal expires in December 2024., Los Angeles, Seattle, Philadelphia, Boston and Minneapolis already have similar responsible banking ordinances.
“This will allow companies and individuals here locally to have greater access to capital,” said Resendez who represents Pleasant Grove in southeastern Dallas. “It’ll give businesses an opportunity to grow and employ people and increase economic development in general throughout our city.” Council member Carolyn King Arnold suggested a public hearing be held to get feedback from residents on issues they’ve had with banks and to help the city come up with more ways to address disparities.
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