The Berkeley City Council at its meeting tonight has agreed unanimously to request that the City Manager evaluate and report back to the City Council no later than May 1, 2012 regarding:
1. The fiscal and operational impacts of not renewing the city's with Wells Fargo Bank and contracting with an alternative bank, including but not limited to Community Banks, membership-based Credit Unions or Community Development Financial Institutions (CDFI) for city banking services.
2. Information on alternatives to banking with Wells Fargo, including but not limited to Community Banks, membership-based Credit Unions or Community Development Financial Institutions (CDFI), and ensure that any new banking contract is with an entity that is that is capable of fully meeting the City’s banking needs.
3. City banking and investment practices to ensure that public funds are invested in responsible financial institutions that support our community and a city banking policy that gives preference to banks that support community reinvestment goals such as stabilizing the housing market, loans to local homeowners and businesses, the establishment of local branches in low income communities, and local employment opportunities.
The sponsors were Councilmembers Moore and Arreguin.