Minneapolis and Hennepin County’s Responsible Banking efforts are moving forward, and we need you!
The City of Minneapolis and Hennepin County are both set to take important next steps for greater transparency, racial equity and accountability as they deposit tax dollars in financial institutions. This is largely because of two plus years of organizing by JCA, the Northside Community Reinvestment Coalition, and other allies!
This coming Tuesday, Oct 1st at 1:30PM come show support as both Hennepin County and Minneapolis hold meetings to discuss their business with banks. (Pre-meeting with food at 12:30, see details below)
What’s at stake?
The City and County can choose to deposit their money into banks in a way that leverages fair lending practices, more loan modifications, neighborhood reinvestment and funding for local businesses. On Tue Oct 1st, let’s be there to show the City and the County that we support efforts to do business in a way that will strengthen – not weaken – our communities.
Believe it or not, both the City and County will be meeting to discuss how and where they bank on Tuesday October 1st at the same time!
So here is the plan. Can you join us?
- 12:30 – Light lunch and briefing at City Hall (350 South 5th Street, Minneapolis, MN 55415, tunnel level near vending machines)
- 1: 15 – Walk together from lunch and briefing to EITHER Minneapolis City Council committee meetingOR Hennepin County Board of Commissioners meeting
- 1:30 – Public Hearings (see details below)
PLEASE RSVP to firstname.lastname@example.org if you can join us in downtown Minneapolis next Tuesdayafternoon (meeting in City Hall tunnel level, near vending machines). Your RSVP is very important. Reach into your networks and invite others to join you.
Accountability, transparency, and public input are critical when our local governments reward financial institutions with our public dollars. We must mend the legacy of racial and zip code lending disparities. I hope I can count on you to be there on Tuesday to help move responsible banking forward in our communities.
Minneapolis City Council’s Ways and Means/Budget Committee will hold a public hearing at 1:30 in Council Chamber, 317 City Hall regarding the proposed Minneapolis Responsible Banking Ordinance, lead by Councilmember Elizabeth Glidden. The ordinance will lay out guidelines for future Minneapolis financial relationships. Right now the ordinance draft includes important transparency measures for holding banks accountable for their lending and community reinvestment plans. This process can only be made stronger by public input. Following the public hearing, the vote will likely occur on Friday Oct 4th at 9:30.
Hennepin County Board of Commissioners will be meeting to authorize contract negotiations for their banking relationships for the next 5 years. Thanks to the previous request for proposals, which included new foreclosure data requirements, the next set of contracts will enable new transparency about lending practices, like loan modifications, throughout the county. The meeting, starting at 1:30 will be broadcast on public television, but it will be powerful to have community on hand and support the two testifiers who will speak in support of responsible banking.