Baltimore City Council
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File #: 19-0182R    Version: 0 Name: Informational Hearing - Banking Deserts
Type: City Council Resolution Status: In Committee
File created: 12/2/2019 In control: Taxation, Finance and Economic Development Committee
On agenda: Final action:
Enactment #:
Title: Informational Hearing - Banking Deserts For the purpose of inviting the Commissioner of the Department of Housing and Community Development, the Director of the Department of Finance, the CEO of the Baltimore Development Corporation, and the Director of the Department of Planning to discuss the prevalence of banking deserts in Baltimore City.
Sponsors: Bill Henry, President Brandon M. Scott, Ryan Dorsey, Kristerfer Burnett, Leon F. Pinkett, III, Sharon Green Middleton, Mary Pat Clarke, Danielle McCray, John T. Bullock, Isaac "Yitzy" Schleifer, Edward Reisinger
Indexes: Banking Deserts, Informational Hearing
Attachments: 1. 19-0182R~1st Reader, 2. BDC 19-0182R
* Warning: This is an unofficial, introductory copy of the bill.
The official copy considered by the City Council is the first reader copy.
Introductory*

City of Baltimore
Council Bill R
(Resolution)

Introduced by: Councilmember Henry


A Resolution Entitled

A Council Resolution concerning
title
Informational Hearing - Banking Deserts
For the purpose of inviting the Commissioner of the Department of Housing and Community Development, the Director of the Department of Finance, the CEO of the Baltimore Development Corporation, and the Director of the Department of Planning to discuss the prevalence of banking deserts in Baltimore City.
body

Recitals

Banking deserts are areas that lack adequate banking services such as bank branches or ATMs. Fringe financial services such as check cashing businesses, pawn shops, and payday loan stores frequently serve as the only options for financial services in banking deserts. According to “The Municipal Banking Movement: An Opportunity for Baltimore”, a report published by the Abell Foundation outlining the state of banking in Baltimore City, “between June 2010 and June 2016, commercial banks closed 181 branches in the Baltimore Metropolitan Statistical Area. In Baltimore County, these closings amounted to 25% of bank branches. The closings tended to occur in lower-income and non-white neighborhoods.”

Banking deserts disproportionately affect African Americans. The Abell Foundation Report stated “In 2013, the last year for which data are available, 41% of African Americans in the Metropolitan Statistical Area that includes Baltimore City were underbanked, while 13% were fully unbanked.” A ...

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