ON SEPT. 13, Philadelphia City Council unanimously passed a resolution that I sponsored calling on the Philadelphia Community Reinvestment Commission to establish reinvestment agreements with banks entering the Philadelphia market.
The resolution cited that reinvestment commission member Mellon Bank had sold its branches to Citizens Bank. Mellon's appointment to the commission was due to its market share of small business lending in low -income communities.
Recently released data from the City Controller's Office shows that loans for small business in low-income communities are decreasing. Yet, what does Citizens Bank do as it enters our market? A $350,000 publicity stunt offering a free ride for five hours. As a policy leader with regard to community reinvestment, I contend, Citizens Bank shouldn't get a free ride or a cheap ride into this market.