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From YouTube: Committee on Finance 2-9-2021
Description
The Committee on Finance of the Council of the City of Philadelphia held a Public Hearing on Tuesday, February 9, 2021, at 2:30 PM, in a remote manner using Microsoft® Teams to hear testimony on the following items:
210004 An Ordinance authorizing and approving the execution and delivery of a Service Agreement between The City of Philadelphia and the Philadelphia Authority for Industrial Development relating to the refunding of certain bonds previously issued to finance and/or refinance Alternative Funding Mechanisms for a portion of the unfunded actuarial accrued liability of the City of Philadelphia Retirement System implemented pursuant to the Municipal Pension Plan Funding Standard and Recovery Act; approving the issuance by the Philadelphia Authority for Industrial Development of bonds, notes or other evidences of indebtedness in one or more series, to refund such bonds; authorizing and approving the City’s obligation to pay in full when due the Service Fee and other amounts payable under the Service Agreement; authorizing certain City officers to take certain actions required to issue bonds, notes or other evidences of indebtedness; covenanting that the City will make necessary appropriations in each of the City’s fiscal years to provide for the Service Fee and other amounts due under the Service Agreement; covenanting that the City will make timely payments of the Service Fee and other amounts due under the Service Agreement; authorizing and approving the Director of Finance and other City officers to take such actions, if any, as may be necessary or appropriate to accomplish the intent and purpose of this Ordinance; all under certain terms and conditions.
210006 An Ordinance amending Chapter 19 200 of The Philadelphia Code, entitled “City Funds Deposits, Investments, Disbursements,” by amending Section 19 201, entitled “City Depositories,” by authorizing the City Treasurer to deposit funds in Santander Bank, National Association, under certain terms and conditions.
A
A
A
We
are
using
microsoft
teams
to
make
these
remote
hearings
possible
instructions
for
how
the
public
may
view
and
offer
public
testimony
at
public
hearings
of
council
committees
are
included
in
the
public
hearing,
notices
that
are
published
in
the
daily
news,
inquirer
and
legal
intelligence
here
prior
to
the
hearings
and
can
also
be
found
on
phl
council
dot
com.
I
now
know
that
the
hour
has
come.
A
Mr
inizi,
will
you
please
call
the
world
to
take
attendance
and
members
that
are
here
in
attendance
when
you
please
indicate
that
you
are
present
when
your
name
is
called
also,
please
say
a
few
brief
words
this
fine
tuesday
afternoon
in
february,
when
responding
so
that
your
image
will
be
displayed
on
screen.
When
you
speak.
A
Presence
and
thank
you
to
my
colleagues
who
are
members
of
finance
committee
here
for
allowing
us
to
establish
a
quorum
which
is
present,
and
this
hearing
is
now
called
to
order.
This
is
the
public
hearing
on
the
committee
on
finance
regarding
bill
numbers,
two,
one:
zero,
zero,
four
and
two
one:
zero
zero.
Six!
Mr
inusey,
will
you
please
read
the
titles
titles
of
the
bills.
B
A
You,
mr
inuzi,
before
we
begin
to
hear
testimony
from
the
witnesses
we
have
for
today.
Everyone
who
has
been
invited
to
the
meeting
to
testify
should
be
aware
that
the
public
hearing
is
being
recorded
because
the
hearing
is
public.
Participants
and
viewers
have
no
reasonable
expectation
of
privacy
by
continuing
to
be
in
the
meeting,
you're
consenting
to
being
recorded
additionally
prior
to
recognizing
members
for
any
questions
or
comments
they
may
have
for
witnesses.
A
A
A
Yes,
if
you
could,
please
state
your
name
for
the
record
and
proceed
with
your
testimony.
Also,
I
do
understand
that
you
for
this
bill
and
the
next
bill
have
people
who
are
attending
that
can
answer
questions
if
need
be,
if
you
can
just
state
who
they
are
for
this
bill
and
then
also
for
the
next
bill.
So
that
way
we
can
have
their
name
and
their
position
identified
in
case
members
of
council
have
any
additional
questions
for
them
after
you've
been
concluded
with
your
testimony.
E
Sure
my
name
is
jackie
dunn,
acting
city
treasurer
and
for
bill
two
one:
zero:
zero,
zero.
Four.
We
also
have
suzanne
mays
with
cozen
o'connor,
who
is
serving
as
bond
council
on
this
transaction
and
andre
allen,
one
of
our
financial
advisors
from
phoenix
capital
partners
who's
also
serving
on
this
transaction.
E
Great
good
afternoon,
chair
green
and
members
of
the
committee,
I'm
jackie
dunn,
acting
city
treasurer
and
I'm
here
to
testify
in
support
of
bill
number
21004
bill.
21004
would
authorize
the
city
to
enter
into
a
service
agreement
with
the
philadelphia
authority
for
industrial
development
or
paid
to
finance
a
project
consisting
of
the
refunding
of
all
proportion
of
the
series
1999
and
series
2012
paid
bonds
for
budgetary
savings.
E
E
The
refunding
would
result
in
a
restructuring
which
is
currently
expected
to
provide
approximately
99
million
in
budgetary
relief
across
all
funds.
In
fiscal
year,
2021
consistent
with
the
fy
21
adopted
budget,
given
persistent
economic
conditions,
the
city
has
determined
it
is
necessary
and
prudent
to
proceed
with
this
restructuring
in
the
spring
of
fy
2021.
E
This
ordinance
also
authorizes
the
city
to
restructure
additional
bonds
to
achieve
fiscal
year,
22
debt
relief
of
approximately
29
million
in
the
event
that
future
short-term
relief
is
necessary
if
the
fiscal
22
payment
is
also
restructured
as
a
part
of
this
transaction,
it
would
result
in
additional
debt
service
in
future
years
for
a
combined
total
net
present
value
cost
of
2.26
million
or
negative
two
percent
over
funded
par.
Thank
you
for
your
consideration
and
the
opportunity
to
testify.
E
A
Thank
you,
miss
dunn.
I
know
that
both
council
members,
oh
and
dom,
have
questions
and
will
proceed
with
their
questions
in
that
order.
One
to
ask
you
a
question:
it's
my
understanding
that
the
transaction
that's
being
proposed
is
similar
to
the
transaction
that
was
used
last
year
from
the
perspective
of
as
we
were,
going
into
the
end
of
our
budget
process.
A
We
learned
that
the
city's
revenues
were
off
by
let's
say
close
to
about
100
million
looking
at
the
main
revenue
numbers,
and
it
was
a
treasurer's
office
that
identified
this
type
of
restructuring
as
a
way
to
provide
some
additional
cash
for
the
city,
which
enabled
us
to
resolve
our
shortfall
as
we're
going
into
the
resolution
of
our
budget
process.
Can
you
provide
some
additional
information
on
how
this
transaction
is
similar
and
or
different
to
that
transaction
that
we
used
to
pass
last
year's
budget.
E
E
A
A
E
Sure
so
this
ordinance
authorizes
us
as
a
part
of
that
transaction
that
we
would.
We
recommend
that
we
take
undertake
in
late
march
to
include
a
debt
service
payment
that
the
city
would
make
next
year
of
approximately
29
million.
And
so
if
we
were
to
include
that
as
a
part
of
this
transaction,
we
would
also
have
an
additional
29
million
in
debt
service
relief
in
next
year's
budget.
And
so,
if
we,
if
we
think
that
we
need
that
additional
relief
and
we're
working
closely
with
finance
and
budget.
E
As
this
body
is
aware,
the
next
quarterly
report
comes
out
later
next
week.
So
we
should
have
a
better
sense
of
how
the
numbers
are
shaping
up
for
the
fy
22
budget,
but
we
think
it's
prudent
to
do
those
together.
If,
if
we
believe
that
we
need
that
additional
relief
rather
than
do
separate
transactions,
so
it's
very
important
that
it's
part
of
a
comprehensive
strategy
addressing
a
fiscal,
a
path
forward
of
recovery
to
do
these
together.
If
we
believe
that
we
need
that
additional
budgetary
relief.
A
E
So
the
end
at
the
end
of
fy21,
our
fund
balance
was
51
million
and
in
the
quarterly
report,
from
earlier
this
year,
we
had
shown
that
that
had
fallen
to
about
22
million,
it's
very
less
than
one
percent
of
our
general
fund.
So
it's
very
low
and
we
think
that
this
transaction
helps
us
to.
You
know
to
maintain
some
breathing
room
in
this
fiscal
year
and
in
fy
22.
If
we
decide
to
include
that
additional
debt
service
in
the.
B
B
D
D
D
D
E
Sure
councilmember,
oh,
I
think,
prior
to
covet.
This
would
not
be
a
transaction
that
we
would
bring
to
this
body.
We
wouldn't
have
a
need,
because
the
city
has
done
a
lot
of
hard
work
at
building
up
a
fund,
balance,
building
reserves
and
trying
to
provide
service
to
all
those
critical
parties
that
you
had
mentioned
in
your
statement.
E
So
we,
this
transaction,
the
debt
service
that
we
would
be
restructuring,
would
be
part
of
our
five-year
plan.
To
the
extent
it's
in
those
years-
and
this
is
something
that
we've
thoughtfully
placed
across
our
debt
portfolio-
so
that
we're
not,
as
you
mentioned,
pushing
this
off
into
a
future
date.
So
we
really
tried
to
do
this
in
the
most
thoughtful
way
that
we
could.
D
E
Well,
I
think,
there's
a
lot
of
unknowns
and
our
budget
office
and
finance
are
working
closely
with
our
revenue
consultants
to
help
understand
what
that
future
path
looks
like.
But
I
think
what
our
office
needs
to
do
is
to
help
make
sure
we
are
responsibly
managing
our
debt
burden,
and
so
we
think
that
this
is
an
opportunity
to
make
a
short-term
adjustment
that
still
fits
well
within
our
ability
to
repay
debt
service,
but
allows
the
city
some
breathing
room.
E
So
my
understanding
is
that
we
are
able
to
locally
enact
you
know,
even
if
pika
were
to
sunset
the
wage
tax,
and
so
whether
or
not
pica
were
here
and
that's
not
a
comment.
You
know
from
me
as
to
the
future
of
pica,
but
we
would
have
the
ability
to
generate
that
revenue
to
make
up
that
shortfall.
That
you're
alluding
to.
A
And
okay
of
information
accounts
member.
Oh
I've
introduced
resolution
for
hearings
on
that
issue.
Regarding
pica
and
2023,
we've
had
some
engagement
conversations
with
pike
and
other
entities,
as
well
as
with
treasurer
dunn,
as
well
as
having
conversations
with
pew
regarding
the
whole
impact
of
what
pica,
and
these
sunset
of
that
tax
will
impact
the
city
of
philadelphia.
D
Okay,
I'm
just
going
to
say
that
I
know
that
the
administration
wanted
lots
of
flexibility
and
on
basically
a
lot
of
flexibility
in
removing
the
normal
steps
of
governance
and
a
lot
of
flexibility
with
receiving
funds
that
they
did
not
really
clearly
know
what
they
were
going
to
do.
That's
over
150
million
dollars,
as
far
as
I
recall-
and
there
is
a
lot
of
borrowing
and
there's
a
lot
more
borrowing-
and
I
don't
see
the
revenues
in
and
there's
a
lot
of
taxing,
and
I
know
where
that
money's
coming
from.
D
I
don't
I
don't
understand
at
this
point
the
benefit
and
I'll
I'll,
keep
my
ears
open
about
just
borrowing,
more
money
and
putting
off.
You
know
the
idea
that
that
this
government
needs
to
deal
with
the
fact
that
there
is
not
a
lot
of
money
and
cannot
just
continue
to
do
whatever
it
wants
anytime.
It
feels
like
doing
it
and
putting
off
the
restructuring
of
government
all
right.
Thank
you
very
much
chairman.
A
F
C
C
So
today
we're
working
on
a
much
smaller
scale,
it's
130
million
versus
1.3
billion,
and
I
understand
the
reasons
for
it.
But
what
kind
of
risks
do
we
face?
In
your
opinion?
By
deciding
to
prioritize
these
short-term
savings
in
exchange
for
increasing
long-term
obligations,
which
is,
I
think,
kind
of
what
councilman
o
is
referring
to.
E
C
E
E
E
No,
unfortunately,
there
is
not
based
on
how
they
were
structured
and
then
a
transaction
that
had
occurred
in
the
early
2000s.
So
there's
no
there's,
unfortunately,
no
legal
way
to
do
a
traditional
refunding.
This
is
purely
for
budgetary
savings,
which
is
why
there's
a
cost
to
to
issuing
this
transaction
rather
than
a
net
savings.
E
C
C
E
So
through
november,
which
is
the
most
recent
month
due
of
this
fiscal
year,
we
are
76
of
77
are
up
to
date
and
the
one
that
is
lagging,
I
believe,
is
two
months
behind,
and
I'm
excited
to
report
that
we
have
are
very
close
to
filling
the
two
vacancies
on
our
accounting
team.
So
they,
the
team,
has
done
an
excellent
job
in
trying
to
keep
us
up
to
date
under
very
challenging
conditions.
So
I
just
want
to
take
that
minute
to
give
them
some
recognition.
E
A
G
Ask
afternoon,
thank
you,
mr
chair,
and
thank
you
to
our
acting
treasurer
done
again.
We've
been
talking
about.
You
know
the
inexpensive
prices
of
interest
and
in
the
market.
So
you
know
I
do
want
to
credit
the
team
for
for
looking
at
this.
What
what?
What
can
you
say
to
how
the
the
city
intends
on
investing
this
money?
Is
there
anything
in
particular
that
you
want
to
say
early
on
we're?
Looking
at
as
we
prepare
for
a
delayed
budget
address.
G
E
So
the
this
transaction
would
is
already
included
in
the
adopted
budget,
so
there
would
be
no
additional
new
savings
in
fy
21.
It
would
prevent
the
city
from
having
to
find
approximately
99
million
in
additional
cuts,
and
it
the
if
we
include
the
fiscal
year
22
payment
into
the
transaction.
That
would
provide
additional
29
million
in
budgetary
relief
for
the
upcoming
budget,
which
has
not
yet
been
presented.
G
G
And
so
so
you're
saying
that
the
initial
realization,
the
99
million,
was
already
factored
and
was
that
presented
to
us.
I
don't
recall
that
being
presented
to
us
previously.
I
know
there
was
discussions
about
refinancing.
Whatever
we
can.
Money
is
cheap.
We
know
the
feds
are
going
to
bail
us
out
on
some
stuff,
so
we
could
be
a
little
bit.
You
know,
you
know
we
can
stretch
ourselves
a
little
bit
because
it
was
you
know
we
want
right.
We
have.
A
Thank
you,
councilmember
sanchez,
for
your
questions,
and
I
think
you
raised
a
good
point,
because
if
the
bride
administration
is
able
to
pass
the
1.9
trillion
dollar
american
rescue
plan
that
will
provide
dollars
to
cities
like
philadelphia.
Of
course,
there
will
be
a
formula
in
reference
to
how
much
money
we
receive.
A
Mr
and
I
have
a
question
in
reference
to
some
of
the
things
that
were
raised
earlier.
Can
you
provide
in
a
what
I
would
say,
a
straightforward
plain:
english
distinction
between
a
pension
obligation,
bond
versus
versus
a
pension
refunding
versus
this
transaction,
which
is
a
pension
bond
restructuring.
D
D
It
it
it
to
me
is
very
much
about
you
know
what
is
going
to
be
done
with
this
money.
We
are
restructuring
to
save
this
money
for
cash
use,
and
that
is
a
little
troubling
to
me,
because
we
are
spending
a
lot
of
money
at
a
time
where
we
don't
have
money.
We
are
borrowing
a
lot
of
money,
and
I
don't
know
where
that
money
is
going
to
come
in
from
so
is.
D
A
A
E
Sure
so,
in
terms
of
underwriters,
bank
of
america
is
the
senior
underwriter
on
the
transaction
and
ramirez,
which
is
a
certified
mwdbe.
Is
the
co-senior
it's
a
small
syndicate
given
the
size
of
the
the
transaction.
So
it's
just
those
two
firms
as
far
as
underwriters
go
and
then
addition,
in
addition
to
cozun
o'connor
cobond
council,
is
the
mods
offerings,
which
is
a
certified
mwdbe.
A
A
Seeing
and
hearing
none
if
we
can
move
into
the
next
bill
and
mr
inuzi,
I
believe
you
have
read
the
title
of
that
bill
as
well.
It's
done
if
you
could
once
again
state
your
name
title
for
the
record
in
order
to
proceed
also.
I
understand
you
also
are
accompanied
by
representatives
here
regarding
this
bill.
If
you
just
state
your
name
for
the
record
and
then
proceed
with
your
testimony,.
E
Good
afternoon,
chair
green
and
members
of
the
finance
committee,
my
name
is
jackie
dunn,
acting
city
treasurer
and
I'm
here
to
testify
in
support
of
bill
21006,
which
amends
chapter
19200
of
the
philadelphia
city
code
by
amending
section,
19201,
entitled
city
depositories
to
add
santander
bank
n.
A
to
the
list
of
approved
depositories
bill,
21006
authorizes
the
city
treasurer's
office
to
deposit
funds
in
santander
under
certain
terms
and
conditions.
E
Centenary
bank
meets
the
requirements
to
become
an
authorized
depository
and
the
administration
supports
this
bill.
Santander
has
also
affirmed
to
the
city
that
it
will
participate
in
the
annual
lending
disparity
study.
This
concludes
my
testimony
and
I'm
happy
to
answer
any
questions
that
you
have
at
this
time.
A
I
I
I'm
the
managing
director
of
government
not
for
profit
at
santonir
bank,
and
I
just
would
like
to
introduce
the
members
of
my
team
in
their
role
with
me
today
is-
is
natalia
dominguez,
buckley
and
she
is
covers
our
philadelphia
area
for
our
government
team
and
we
also
have
seth
goodall
who's,
the
executive
director
of
our
corporate
social
responsibility,
and
thank
you
thank
you
both
for
joining
here
today.
So
we're
happy
to
be
here
today
and
really
appreciate
your
consideration
for
becoming
approved
depository
for
the
city
of
philadelphia
and
seth.
J
Yeah,
thank
you
pat
and
good
afternoon,
chairman
green
and
members
of
the
committee.
The
santander's
bank's
commitment
is
strong
for
the
city
of
philadelphia
and
the
region.
I
can
provide
a
quick
overview
of
our
commitment
going
forward,
but
also
importantly,
demonstrate
what
we
did
in
2020
from
a
few
key
areas.
In
terms
of
philanthropy.
J
We
did
nearly
900
000
dollars
in
philadelphia
alone,
1.4
million
dollars
in
pennsylvania,
helping
over
59
grants
to
charitable
organizations
to
really
impact
low
and
moderate
income,
individuals
and
communities
volunteered
our
colleagues
over
812
hours
in
the
city
of
philadelphia
alone
and
nearly
1400
in
greater
philadelphia
and
pennsylvania
in
terms
of
a
few
key
areas
that
we're
very
passionate
about,
of
course,
is
accessing,
affordable
home
ownership
through
mortgage
is
we
in
2020
provided
over
250
mortgages.
We
have
a
strong
team
of
community
development
mortgage
officers.
J
One
thing
to
note
that
we're
continuing
to
look
how
we
can
create
increased
access
to
capital
both
for
homeowners,
as
well
as
small
businesses,
and
just
this
year
for
round
three
at
ppp,
we
launched
an
innovative
program,
specifically
opening
doors
to
ppp
for
minority
and
women-owned
small
businesses.
I'd
be
happy
to
answer
any
questions.
C
Thank
you,
mr
chair,
and
thank
you
everybody
from
santander.
I
have
two
questions
for
you
back
in
2013
santander
got
a
needs
to
improve
rating
on
its
community.
Reinvestment
act,
performance
evaluation,
santana
was
only.
I
think
there
were
six
out
of
200
large
banks
in
2013
to
receive
the
needs
to
improve
rating
that
year,
but
more
recently
positively,
you
got
a
high
satisfactory
rating
on
your
community
investment
activity,
which
is
great.
What
has
santander
changed
about
its
approach
to
community
and
investment
lending
between
2013
and
now?
What
are
you
doing
differently?.
J
To
note
is
that
this
commitment
has
also
community
advisory
boards.
We
have
seven
regional
community
advisory
boards
and
one
national
community
advisory
board.
That's
populated
by
the
regional
boards,
and
these
boards
have
members
and
there's
one
in
pennsylvania,
members
from
philadelphia
and
other
communities.
C
J
C
I'll
tell
you
why
I'm
asking
that
question
I'm
going
to
assume
it's
a
lot
of
money,
okay,
and
the
reason
why
I'm
asking
that
question
is
because
I'm
curious
how
santander
can
help
us,
through
this
crisis,
in
helping
our
local
philadelphia
businesses
get
back
into
business,
basically,
okay,
and
that
means
like
products
aimed
specifically
at
helping
really
the
small
businesses
that
have
been
crushed
by
this
pandemic
and
helping
them
recover.
And
I'm
talking
about
you
know,
could
you
set
up
a
fund?
J
Councilman,
I
can
add
that,
in
building
all
my
comments
around
the
paycheck
protection
program,
there's
a
couple
things
that
we're
focused
on
one
is
that
we're
relaunching
and
really
focusing
on
sba
lending
to
make
sure
that
we
increase
access
to
capital,
especially
those
smaller
dollar
loans.
Those
express
express
loans
that
are
critical
for
mainstream
businesses.
J
In
addition
to
that,
we
want
to
make
sure
that
we're
working
closely
with
our
community
partners
all
right,
especially
our
cdfis,
to
help
them
with
the
financial
education
and
we're
expanding
programs
in
that
area
also
specifically
around
the
food
entrepreneurs,
how
important
those
are
and
how
they've
obviously
been
impacted
to
a
great
degree
from
ppp.
But
this
is
an
ongoing
conversation
and
one
that
we
want
to
make
sure
that
we're
responsive
not
only
to
our
customers,
but
our
communities
and
stakeholders
and
elected
officials
such
as
you.
C
And
I
guess
what
I'm
referring
to
is
like
whether
it's
the
small
businesses
at
52nd
and
market
germantown
erie
or
in
our
chairman's
backyard.
He
was
a
banker.
If
I
recall,
mr
chairman,
it
brought
in
glenwood.
Is
that
correct?
I
mean
all
those
areas
where
these
really
small
businesses
are.
They
get
killed.
They
are
getting
crushed
by
this,
so
there
is
something
you
guys
could
do
in
a
way
of
a
very
low
interest
rate
over
a
five
or
ten
year
period.
C
You
know
based
on
credit
or
whatever,
but
if
you
could
extend
yourselves
and
help
these
small
businesses
recover
in
every
neighborhood
of
our
city.
That
would
be
great
for
the
city
and
we
really
appreciate
it.
It's
just
something
I
want
you
to
think
about
and
maybe
come
back
to
the
chairman
on
that.
J
And
we
will
and
I'd
be
remiss
if
I
just
didn't
close
by
saying.
In
the
summer
we
launched
a
25
million
dollar
commitment
to
cdfis
for
lending
to
provide
them
low
access
to
capital
to
relent
into
the
community
through
organizations
that
you
may
be
familiar
with,
such
as
axion
and
others
that
really
help
these
small
businesses.
That
may
not
be
yet
bank
ready,
but
need
that
mission-focused
capital
to
to
grow
and
sustain
their
businesses.
C
I
Hanson,
madame,
how
are
you
against
my
green
and
all
city
council
members?
I
just
want
to
say
that
you
know,
as
being
also
on
the
board
of
the
hispanic
chamber
of
commerce
and
community
first
fund.
You
know
as
part
of
something
there.
Our
mission
is
also
to
work
very
closely
with
the
commerce
department,
and
I
know
that
there
is
a
fund
right
now
at
12
million
dollars
to
support
small
business
corridors
throughout
the
city
of
philadelphia.
I
C
C
I
C
I
C
Let
me
tell
you
what
I'm
asking,
because
I
do
want
you
to
look
at
this
idea,
a
small
fund
for
some
of
these
businesses,
that
is
at
a
very
low
interest
rate,
so
it
doesn't
crush
them
and
helps
them
recover
and
right
now
now's
the
opportunity
to
do
it
because
rates
are
so
low,
the
lowest
in
my
lifetime.
I've
never
seen
rates
this
low.
You
know
I
can
tell
you
that
back
in
1980
and
I'm
older
right,
the
home
you
paid
200
000
for
is
the
same
payment
today.
C
A
Thank
you,
councilmember,
dom
before
I
go
to
questions
from
council
member
bass
as
well
as
councilmember
kim
councilman.
You
made
reference
to
broad
and
glenwood,
which
was
a
former
meridian
branch,
is
now
a
santander
branch
and
has
been
a
santander
branch
from
my
recollection
from
the
time
of
the
merger
with
meridian,
slash
core
states
and
wells
fargo.
J
F
Good
afternoon
so
number
one
I
want
to
thank
you
all
for
being
here
today.
I
have
a
great
amount
of
concern
around
the
banking
industry
and
community
reinvestment,
and
you
know
the
requirements
versus
what
is
actually
done,
because
I
feel
that
so
much
of
the
time,
what
is
done
is
really
just
sort
of
you
know
a
surface
dusting.
You
know
just
just
really
enough
to
get
by,
and
so
I'm
very
intrigued
when
you
say
that
you
have
an
11
billion
dollar
national
effort
around
community.
The
community
reinvestment
act.
F
J
Sure
so
I'll
do
my
best
on
the
regional
board.
Natalya
can
also
assist
because
we
were
fortunate.
Natalia
formally
worked
in
corporate
social
responsibility
before
joining
pat
packard's
team
on
government
banking,
I
will
say
first
our
national
board.
We
have
two
members.
We
have
will
gonzales
who
siva
is
on
our
national
board
and
we
just
formally-
and
I
just
want
to
mention
him-
had
louis
mora
for
who
was
the
ceo
of
fanata,
who
retired
and
stepped
down
from
the
board
in
the
regional
board.
J
I
F
I
F
J
F
Then
it
doesn't
sound
like
the
board
overall
is
diverse.
Now
you
know
I'm
guessing
that
the
the
names
you
just
gave
me
that
there
is
diversity
there,
but
I
would
really
like
to
have
an
idea
of
what
the
breakdown
is.
For
example,
della
clark
is
the
only
person
that
I
recognize,
who
is
a
woman,
you
know
so
and
actually
the
only
person
I
recognize
who
is
african-american,
even
though
I
that
might
not
be
the
case,
but
that's
just
you
know
of
the
group
that
you
mention
what
I
know.
C
E
F
Who
want
to
advise
communities
of
color
as
to
you
know,
what's
best
for
them
without
being
them?
If
you
know
what
I
what
I
mean,
and
I
think
it's
important
to
have
representation
from
the
communities
that
you
are
trying
to
put
a
dent
in
the
issue
that
exists
in
those
communities,
you
want
to
put
a
dent
in.
F
You
know
not
having
home
ownership
opportunities
and
access
to
capital
and
access
to
small
business
loans,
and
you
know
all
those
sorts
of
things,
and
you
know
understanding
financial
literacy
and
encouraging
you
know
the
opening
of
bank
accounts
and
not
using
check,
cashing
and
all
those
kinds
of
things.
You
know
you.
You
would
want
to
make
sure
that
you
have
representatives
from
that
community.
That
say
what
it
is
that
you
need.
J
Yes,
I
and-
and
we
agree
with
you-
and
we
also
are
confident
that
our
community
advisory
boards
are
well
represented
of
the
communities
that
we
serve,
including
communities
of
color
women
in
low
and
moderate
income
communities,
as
well
as
immigrant
communities,
and
we
really
seek
their
feedback
not
only
for
philanthropy
and
charitable
giving,
but
also
products
and
services,
to
make
sure
that
we
continue
to
strive
to
have
inclusive
banking
products
and
services
that
help
individuals,
build
wealth
and
become
banked
and
become
successful.
Also
just
to
clarify.
J
F
I
Councilman
just
to
because
I'm
sorry
just
to
also
clarify
the
names
that
we
have
mentioned
are
just
for
the
city
of
philadelphia.
This
council,
this
community
advisory
council,
is
for
the
whole
entire
state
of
pennsylvania.
So
we
have
about
four
people
from
philadelphia
alone
and
then
the
other
four
people
are
from
the
rest
of
pennsylvania.
So
we
have
someone
from
lehigh
valley.
In
allentown
we
have
someone
from
reading
someone
from
york
county,
for
example,
mr
sam
cooper
he's
also
an
african-american
and
mr
knight
he's
from
york
he's
also
african-american.
I
F
Sure,
thank
you.
I
appreciate
that
and
I
look
forward
to
reviewing
the
list
when
I,
when
the
names
were
given
out,
they
were
just
names
that
I
didn't
recognize,
and
so
I
have
no
idea
other
than
the
you
know
the
one
one
or
two
or
three
that
I
might
know
from
that
list.
So
if
you
could
get
that
information
to
the
chair,
I
think
that
that
would
be
very
helpful.
The
other
question
that
I
had
was:
oh
you
said
that
nationally
there
was
an
11
billion
dollar
commitment.
F
That
was
the
difference
in
terms
of
why
or
you
know
what
propelled
santander
to
go
from
the
recommendation
or
the
the
you
know,
recommendation
that
you
know
you
needed
to
do
better
to
the
actuality
of
doing
better,
and
so
there
was
an
11
billion
dollar
commitment.
I
believe
you
said
in
your
testimony.
F
J
Sure
so
our
five-year
11
billion
commitment
first
was
built
through
significant
community
engagement
and
feedback,
including
listening
sessions
across
our
our
footprint
from
new
hampshire
through
pennsylvania,
new
england,
through
the
mid-atlantic
and
greater
new
york
region
in
terms
of
key
components.
There's
9.1
billion
dollars
in
lending
to
underserved
communities,
so
community
development
lending
mortgage
lending,
small
business
lending,
there's
1.9
billion
in
community
development
investments,
so
equity
investments
both
in
the
small
business
but
importantly
in
the
affordable
mortgage.
J
That
was
a
request
from
our
community
advisory
boards,
and
we
launched,
as
you
heard
me,
say,
a
special
purpose,
credit
program
for
minority
and
women-owned
borrowers,
as
well
as
for
assisting
our
non-profit
grantees
over
300
of
those
across
the
footprint.
In
addition
to
that,
in
response
to
cova
this
summer,
we
were
very
targeted
to
make
sure
that
we
could
help
address
immediate
needs
as
well
as
expediting
our
funding
over
our
12
million
dollars
a
year
this
year
to
help
the
nonprofits
who
really
need
it.
A
H
J
H
E
H
Okay,
I
think
it
is
helpful
in
part
because
it
sounds
like
it's
something
that
should
be
alerted
to,
and
I
just
wanted
to
make
sure
that
the
the
requesters
knew
that
that
was
a
requirement
and
also
that
it
should
be
specific.
You
know-
and
I
think
we
had
some
conversations
about
small
business,
which
is
particularly
helpful,
but
in
particular
there
should
be
a
description
of
new
financial
products
that
specifically
address
racial
disparity
and
lending
and
investment
activities,
and
I'm
curious
about
what
work
you've
already
done
in
that
area.
J
So
one
core
component
of
this
initiative
is
really
assisting
entrepreneurs
of
color
and
also
growing
through
growing
our
cultivate
small
business
program.
Our
cultivate
small
business
program
is
a
food
incubator,
in
essence,
a
mini
mba,
a
four-month
educational
program
and
deep
dive
to
help
these
entrepreneurs
grow
and
sustain
their
businesses.
J
We
expanded
this
year
from
boston
to
two
locations
in
new
jersey
and
we
have
plans
to
continue
its
expansion
in
years
to
come.
In
addition
to
that,
we
are
already
implementing
efforts
to
make
sure
that
we
have
greater
impact
through
our
cdfi
initiatives
to
make
sure
that
we
are
working
with
cdfis
that
are
working
in
communities
of
colors
and
also
that
are
led
by
individuals
of
color
so
that
they
can
have
greater
impact
and
responsiveness
to
our
community.
H
H
Okay,
thank
you
very
much
I'll
look
forward
to
seeing
that
and
just
you
know
hoping
that
it's
recognized
that
it
should
be.
You
know
somewhat
city
specific,
as
opposed
to
just
kind
of
a
general
thing,
and
so
I'd
I'd
be
interested
in
hearing
more
about
the
you
know,
your
your
work
here
in
philadelphia
to
address
racial
disparity
around
lending
and
investment
practices,
but
thank
you
very
much.
A
All
right,
seeing
and
hearing
none
there
being
no
further
questions
from
members
of
the
committee
are
there
any
other
witnesses
testify
on
bill
numbers,
two:
one:
zero,
zero,
zero,
four
or
two
one:
zero,
zero,
zero.
Six
and
I'll
also
ask
is
anyone
present
in
this
hearing
whose
name
we
have
failed
to
call,
and
that
wishes
to
offer
testimony
on
these
bills
if
they
like
to
offer.
A
Testimony
okay
hearing
and
seeing
none,
I
want
to
thank
the
witnesses
for
their
participation
today,
the
information
that
was
requested
by
various
members
of
council,
if
you
could
send
that
to
me
so
that
can
be
distributed
to
the
committee.
We
also
value
your
opinions.
I
would
now
like
to
invite
all
panels
of
witnesses
to
please
disconnect
from
the
meeting
before
we
go
into
our
public
meeting.
We
will
now
pause
the
proceedings
briefly
as
the
attendees
who
are
not
members
of
council
leave
the
hearing.
A
Okay,
we
will
now
reconvene
the
public
meeting.
Mr
iniza,
will
you
please
call
the
role
to
take
attendance
members
that
are
attendance?
Will
you
please
indicate
that
you
are
present
when
your
name
is
called
and
also
say
a
few
words
like
you're
having
a
great
day
when
responding,
so
your
image
will
be
displayed
on
screen
when
you
speak.
F
B
G
B
A
B
A
Okay,
I
would
like
to
acknowledge
and
record
that
councilwoman
bass
has
seconded
the
motion
is
removed
and
probably
seconded
that
bill
number
two
one:
zero,
zero,
zero
four
be
reported
from
this
committee
with
a
favorable
recommendation
and
further
move
that
the
rules
of
council
be
suspended
to
permit
first
reading
of
this
bill
at
the
next
session
of
council.
All
those
in
favor
of
the
motion
will
signify
by
saying
I
I
I.
B
A
A
second
second
second,
I
hear
council
member
bass
I'd
like
to
know
that
she
has
seconded
the
motion
has
been
moved
and
properly
seconded
that
bill
number
two
one:
zero
zero
six
be
reported
from
this
committee
with
a
favorable
recommendation
and
further
move
that
the
rules
of
council
be
suspended
to
permit
first
reading
of
this
bill
at
the
next
session
of
council.
All
those
in
favor
of
the
motion
will
be
signed
will
signify
by
saying
aye.