ST. LOUIS • City Treasurer Tishaura Jones has expanded her efforts to get better services in low- to middle-income neighborhoods by banks qualifying to get city deposits.
St. Louis treasurer expands questions asked of banks seeking city deposits
Jones, who heads a panel that decides which financial institutions can be used by city agencies for their day-to-day bank accounts, sent a letter last month asking banks and credit unions for additional information on how they serve area residents.
Financial institutions have been asked this year to list their goals for offering so-called second chance checking accounts or other programs for people with credit problems who are “unbanked.”
Also added to the information sought are banks’ responses to the massive 2015 report from the Ferguson Commission, which made a wide range of recommendations to try to address racial inequities in the St. Louis region.
Some findings dealt with issues related to banking, such as a higher home loan denial rate for blacks than for whites in the metro area.
As it has in past years, the treasurer’s office also asked banks applying for a wide range of other data.
Included again were questions on the location and types of residential loans made by a bank, the amount of small business loans, the number of a bank’s branches and ATMs, its branch closing policy and its financial education efforts.