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<br />RESOLUTION <br /> <br />D3r570~1) <br /> <br />!1 <br />W9J7,GL <br />~ <br /> <br />WHEREAS, the office of Thrift Supervision, a federal agency, is one of four agencies <br />that share Community Reinvestment Act oversight; and <br /> <br />WHEREAS, Community Reinvestment Act requires institutions to lend, invest, and <br />provide services in low-income and moderate-income communities; and <br /> <br />WHEREAS, the Community Reinvestment Act requirements for over twenty-five years <br />have helped low-income communities get bank loans and services necessary to rebuild their <br />neighborhoods; and <br /> <br />WHEREAS, Office of Thrift Supervision proposes relieving the institutions it oversees of <br />any further investments and service requirements under Community Reinvestment Act; and <br /> <br />WHEREAS, the City Council of the City of University City hold that all federally insured <br />financial institutions should continue to be fully accountable under Community Reinvestment <br />Act for making investments and providing services; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of University <br />City, as follows: <br />The City Council of University City opposes the Office of Thrift Supervision's proposal <br />to eliminate Community Reinvestment Act requirements for financial institutions to service and <br />invest in disadvantaged and low-income communities. <br /> <br />APPROVED: <br /> <br />~, JOaS <br /> <br />. <br /> <br /> <br />\ \ ..; <br />I,' III, <br /> <br />. . .. . f . . . <br /> <br />11,_ <br /> <br />1 <br />