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File #: 2014-0031    Version:
Type: Ordinance Status: Passed
File created: 1/13/2014 In control: Budget and Fiscal Management Committee
On agenda: Final action: 2/24/2014
Enactment date: 3/6/2014 Enactment #: 17756
Title: AN ORDINANCE setting policies requiring socially responsible banking practices as a minimum requirement for financial institutions to be awarded and maintain banking contracts with King County; amending Ordinance 12076, Section 39, and K.C.C. 4.14.010, Ordinance 12076, Section 40, as amended, and K.C.C. 4.14.020, Ordinance 12076, Section 42, as amended, and K.C.C. 4.14.040 and Ordinance 12076, Section 43, and K.C.C. 4.14.050 and adding new sections to K.C.C. chapter 4.14.
Indexes: Banking, Contracts, Finance
Code sections: 4.14 - ., 4.14.010 - ., 4.14.020 - , 4.14.040 - , 4.14.050 - .
Attachments: 1. Ordinance 17756.pdf, 2. Staff Report 02-04-2014 Proposed Ordinance 2014-0031 Socially Responsible Banking, 3. Staff Report 02-19-2014 Proposed Ordinance 2014-0031 Socially Responsible Banking, 4. REVISED Staff Report 2014-0031 Socially Responsible Banking, 5. 2014-0031 Amendment 2 infrastructure.docx
Title
AN ORDINANCE setting policies requiring socially responsible banking practices as a minimum requirement for financial institutions to be awarded and maintain banking contracts with King County; amending Ordinance 12076, Section 39, and K.C.C. 4.14.010, Ordinance 12076, Section 40, as amended, and K.C.C. 4.14.020, Ordinance 12076, Section 42, as amended, and K.C.C. 4.14.040 and Ordinance 12076, Section 43, and K.C.C. 4.14.050 and adding new sections to K.C.C. chapter 4.14.
Body
PREAMBLE:
The 2013 report on Equity and Social Justice shows the progress of King County's Strategic Plan and the "fair and just" ordinance, which emphasizes the importance of intentionally considering equity and integrating it into our decisions and policies, our county practices and our methods for engaging communities.
The practices and financial products of banks have a measurable impact on equity and influence the financial stability, quality of life and overall economic health of King County's residents.
The Great Recession has reinforced the need for socially responsible banking. Many low-income families have neither a checking nor savings account. Low-income families must often rely on costly check cashing companies and payday loans to handle basic financial needs. Home foreclosures continue to destroy wealth, especially in low income and racially diverse communities.
Economic viability and competitiveness comes from strengthening and providing economic opportunities to all citizens and in all areas of King County regardless of income range.
King County wishes to reinforce and strengthen social responsible banking practices in the greater community, including incorporated and unincorporated areas.
In return for the privilege of serving as the county's primary service bank, the bank will have a contract obligation to adhere to a community reinvestment plan that addresses the credit and financial needs of King County's communities, including and especially people of...

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