City of Philadelphia - File #: 020693

• File #: 020693
• Version: 0
• Type: Privileged Resolution
• Status: ENACTED
• File created: 10/31/2002
• In control: CITY COUNCIL
• Final action: 10/31/2002
• Title: Urging the United States House of Representatives to adopt H.R. 3372, the "Access and Openness in Small Business Lending Act of 2001," which amends the Equal Credit Opportunity Act.
• Sponsors: Councilmember Goode, Councilmember Goode, Councilmember Cohen, Councilmember Cohen, Councilmember Mariano, Councilmember Mariano, Councilmember Kenney, Councilmember Kenney, Councilmember Reynolds Brown, Councilmember Reynolds Brown, Councilmember Blackwell, Councilmember Blackwell, Council President Verna, Council President Verna, Councilmember Nutter, Councilmember Nutter, Councilmember Ortiz, Councilmember Tasco, Councilmember Rizzo, Councilmember Miller, Councilmember Miller

Date	Ver.	Action By	Action	Result	Tally
10/31/2002	0	CITY COUNCIL	ADOPTED
10/31/2002	0	CITY COUNCIL	ADOPTED
10/31/2002	0	CITY COUNCIL	READ
10/31/2002	0	CITY COUNCIL	READ
10/31/2002	0	CITY COUNCIL	Introduced	Pass
10/31/2002	0	CITY COUNCIL	Introduced	Pass

Title
Urging the United States House of Representatives to adopt H.R. 3372, the "Access and Openness in Small Business Lending Act of 2001," which amends the Equal Credit Opportunity Act.
Body
WHEREAS, The United States Department of the Treasury, in an April 2000 report, found that, on average, communities that were between 50 and 80 percent minority received less than ten percent of all small business loans nationally; and

WHEREAS, The national trend is closely mirrored in the Philadelphia region, where the Greater Philadelphia Capital Access Report revealed that less than 10 percent of small business lending is done in communities that are more than twenty percent black; and

WHEREAS, The original intent of the Equal Credit Opportunity Act was to prevent lenders from collecting race and gender data from applicants seeking business loans in order to protect the civil rights of said applicants; and

WHEREAS, The de facto effect of the Equal Credit Opportunity Act has been to mask lending patterns to minorities and women seeking business loans; and

WHEREAS, The Home Mortgage Disclosure Act was amended in the early 1990's to allow home mortgage applicants to voluntarily supply race and gender information, which has enabled the Federal Financial Institutions Examination Council to create aggregate and disclosure reports that track home mortgage lending patterns by race and gender; and

WHEREAS, A similar amendment to the Equal Credit Opportunity Act would allow the FFEIC to track small business loan patterns by race and gender, thus providing the tool necessary to work toward the elimination of disparities; now therefore

RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA, Urges the United States House of Representatives to adopt H.R. 3372, the "Access and Openness in Small Business Lending Act of 2001," which amends the Equal Credit Opportunity Act.

FURTHER RESOLVED, That an Engrossed copy of this resolution be presented to the National ...