Study: Banks Do Not Help Working-Class Neighborhoods
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A new report is accusing banks of not doing enough to help working-class neighborhoods.
Lawmakers gathered on the steps of City Hall to announce the results Wednesday.
Based on analysis of 22 banks, the Association of Neighborhood and Housing Development found there was an increase in deposits and a decrease in mortgage and community development lending.
"We at the council appreciate the positive steps that banks have taken, but we want to ensure for now and moving forward that New Yorkers' deposits are reinvested into local communities to the maximum extent possible," said City Council Speaker Christine Quinn.
The City Council is pushing a bill that may help solve the issue by requiring greater transparency.