SF Shops For Socially Responsible Bank To Handle City's Billions
SAN FRANCISCO (KCBS) - Banks vying for the chance to manage San Francisco's municipal accounts will have to answer hard questions about how they have handled foreclosures, said City Treasurer Jose Cisneros.
Cisneros said the request for proposals would require banks to detail how many mortgages they re-wrote and how many homeowners went into foreclosure.
"We want to ensure that this procurement and this RFP reflect the values and the goals of the city and county of San Francisco," he said.
KCBS' Barbara Taylor Reports:
"We want to ensure that this procurement and this RFP reflect the values and the goals of the city and county of San Francisco," he said.
The city currently has 130 checking accounts at Wells Fargo, Bank of America and Union Bank that see a combined $12 billion in activity every year.
Some have suggested the city bypass commercial banks entirely and form its own municipal bank because those banks have foreclosed on San Francisco homeowners.
Instead Cisneros' proposal calls for guarantees of social responsibility. The treasurer said banks would have to explain how they serve the community and invest in it.
A Board of Supervisors committee approved a resolution incorporating those goals on Wednesday, and sent it to the full board for final approval.
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