NYC Council Requires Banks to Report Community Practices
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Banks holding New York City treasury funds will be required to disclose their investments and business practices in neighborhoods under a law passed today by the City Council.
The council’s approval of the banking act, introduced in February 2011, comes amid increased scrutiny of the industry after the Occupy Wall Street movement and last week’s disclosure by JPMorgan Chase & Co., the biggest U.S. lender by assets, of a $2 billion trading loss. Mayor Michael Bloomberg has said he intends to veto the bill, even though the council has enough votes to override such a move. It passed 44 to 4.