Banking Services

The vendor required to provide high-quality banking services at competitive pricing.
- Financial strength
•    Financial statements: provide financial statements for the past two fiscal years, including quarterly and annual reports, sec 10-k filings (if applicable), and independent audit opinions. 
•    Credit ratings: submit your institution’s most recent credit rating assessments. 
•    Indicate the issuing agency and the duration for which the rating has been maintained.
•    Capital ratios: include your institution’s current tier 1 leverage ratio, tier 1 risk-based capital ratio, and total risk-based capital ratio.
- Socially responsible banking practices
•    This ordinance requires financial institutions to make reasonable efforts to provide credit and financial services to historically disadvantaged, minority, older adult, and low- and moderate-income communities, in alignment with all applicable federal, state, and local laws.
•    This compliance, financial institutions must prepare an annual report detailing their policies and practices related to housing, economic development, and community investment.
- The socially responsible banking impact data sheet and include the following information:
1. Lending tab
•    Residential lending information: total number and dollar amount of residential loans for one- to four-family dwellings applied for and originated during the previous calendar year. 
•    Report separately for adjustable-rate loans. 
•    Small business lending information: total number and dollar amount of small business loans originated citywide during the previous calendar year. 
•    Report separately for businesses with revenues above and below $1,000,000. 
•    Community development loans and investments: number and dollar amount of loans and investments in affordable housing, small business development, economic development, and community facilities. 
•    Data should be reported by census tract and categorized by purpose.
2. Branches and ATMs tab 
•    Number of branches and ATMs, along with the number and dollar amount of deposits, reported citywide and by branch location. 
3. Management tab 
•    Number of women and minorities employed as loan officers, members of the board of directors, and senior management staff.
4. Predatory lending statement 
•    A disclosure indicating whether the financial institution or its affiliates engage in any form of predatory lending, including payday loans, predatory home loans, or other abusive financial products.
- Include specific programs, partnerships, outreach efforts, and measurable goals that demonstrate your institution’s commitment to equitable financial access and community development.
- The plan must also address the following:
•    Small consumer loans: products that serve as alternatives to payday loans. 
•    Affordable transactional services: services such as low-cost check cashing for consumers with limited banking access. 
•    Neighborhood development participation: engagement in city-sponsored programs that promote neighborhood revitalization. 
•    Community-based partnerships: contributions to or collaborations with local non-profit organizations focused on community development.
•    Full-service banking access: availability of comprehensive banking services in city neighborhoods. 
•    Marketing strategy: a plan to promote loan products and financial services throughout city, specifically targeting:
o    Low- and moderate-income neighborhoods
o    Minority neighborhoods
o    Low- and moderate-income consumers
o    Minority consumers
o    Small businesses
o    Minority-owned business enterprises
o    Women-owned business enterprises
o    Veteran-owned business enterprises
- Banking services requirements
•    Financial institutions must be capable of integrating with both PeopleSoft and workday ERP systems. 
•    Integration should support automated data exchange for reconciliation, reporting, and accounting. 
•    The institution must accommodate the city’s multi-account structure and provide tools to manage and monitor deposits by department or function.