During the 2011 legislative term, the office of Councilman Peduto introduced the Responsible Banking Bill, bill 2011-2174. The ordinance would require financial institutions seeking to become City depositories to make a commitment to community reinvestment and responsible banking. To measure the commitment level of these financial institutions, the City Controller would evaluate and rank banks with which the City does business as to their success or failure in meeting this commitment.

Councilman Lavelle supported the intention of the bill but voted against it over concerns that it did not adequately address the need for reinvestment in low-moderate income communities. The bill was vetoed by the Mayor at the end of the 2011 legislative term, and has since been reintroduced by Councilman Lavelle in 2012 with amendments aimed at spurring reinvestment in communities of need. Changes currently being considered by Council include the following:

• Reporting standards at the census tract block level as opposed to the census tract level.
• Requirement that City monies remain in branches located within City limits.
• Language that financial institutions maintain, to the greatest extent possible, City funds in branches located in low-moderate income communities.