The Director of Community Development shall collect, evaluate, and analyze and provide to the Director of Finance, a report summarizing his or her findings relating to the following information which must be submitted by any depository desiring designation as an eligible depository:
(a) Residential Lending Information. The total number and the total dollar value of residential loans for one (1) to four (4) family dwellings applied for and originated during the previous calendar year in each of the following categories:
(1) Home purchase loans, both federally subsidized and conventional;
(2) Refinancings of home purchase loans;
(3) Home improvement loans;
(4) Home equity loans;
(5) Multi-family loans; and
(6) Non-occupant loans.
These totals shall be provided for the entire City, for each Statistical Planning Area within the City and for all of Cuyahoga County.
(b) Commercial Lending Information. The total number and the total dollar value of commercial loans applied for and originated during the previous calendar year (1) for the entire City, (2) for each Statistical Planning Area within the City, (3) for all of Cuyahoga County, (4) for minority business enterprises in each Statistical Planning Area within the City and for the entire City, and (5) for female business enterprises in each Statistical Planning Area within the City and for the entire City;
(c) The most recent annual report or SEC 10-K report with quarterly financial updates;
(d) A statement with timetable(s) describing current and proposed initiatives to address the credit needs of the City, its residents and businesses, including low and moderate income and minority residents, in the following categories:
(1) Home purchase mortgage loans;
(2) Mortgage loans to non-occupant borrowers for small rental properties;
(3) Home improvement loans;
(4) Small personal loans;
(5) Consumer product(s) and service(s);
(6) Commercial loan product(s) for small businesses, minority business enterprises and female business enterprises;
(7) Participation in City-sponsored neighborhood development programs and consortiums;
(8) Equitable contributions to community based non-profit organizations in the City;
(9) Provision of full service banking in City neighborhoods;
(10) Program to market loan products and services throughout the City to include (i) low and moderate income neighborhoods, (ii) minority neighborhoods, (iii) small businesses, (iv) minority business enterprises and (v) female business enterprises;
(11) Goals established for service and production levels for target groups identified above.
(e) The affidavit set forth in Section 178.07, executed by a duly authorized officer of such financial institution;
(f) The most recent "Community Reinvestment Act Statement" issued by the depository;
(g) The most recent "Community Reinvestment Act Evaluation" issued by the federal regulatory agency authorized to conduct such evaluations;
(h) A copy of the depository's branch closing policy;
(i) A written initiative (a "Community Reinvestment Initiative") regarding community reinvestment within the City containing provisions acceptable to the Director of Community Development;
(j) Information regarding the number of minorities, females and City residents employed by the depository as lending officers and as members of its board of directors and senior management staff;
(k) Any additional information requested by the Director of Community Development.
Except where otherwise specified, the information shall be made on forms provided by or prescribed by the Director of Community Development.
(Ord. No. 868-2019. Passed 8-21-19, eff. 8-26-19)