HomeMy WebLinkAboutResolution 2237A Resolution
RESOLUTION URGING CONGRESS TO CONSIDER AND PASS LEGISLATION
ALLOWING CREDIT UNIONS TO PROVIDE SERVICES IN FINANCIALLY
UNDERSERVED NEIGHBORHOODS
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WHEREAS Fort Worth, and cities throughout the United States, are struggling to revive
dechnmg neighborhoods by breathing new life into these areas through. revitalization and
economic redevelopment; and,
WHEREAS m neighborhoods that are declining, the inability of residents to access
financial services to help finance costly repairs and renovations has resulted in a growing number
of deteriorating neighborhoods and an increasing number of financially underserved
neighborhoods, and,
WHEREAS m recent years credit unions have been affording residents of financially
underserved neighborhoods, with modest means, an opportunity to benefit from credit union
membership and the attendant services that a not for profit financial alternative offers and thus
enabling residents of these dechmng neighborhoods to partner with public and civic organizations
to amass the necessary funds to rebuild and improve an area, and,
WHEREAS the City of Fort Worth has created community development corporations,
special districts and other systems to attract capital to underserved areas, while also providing
incentives to traditional financial institutions to locate in underserved areas as exemplified by the
Bank One branch bank in the Fort Worth Stop Six area, and,
WHEREAS recent federal court rulings are undermining the efforts of OmniAmerican
Federal Credit Union, which has opened a $1 5 million branch facility m the Polytechnic Heights
area of the city that is underserved to the point that no private financial institutions operated m the
area until the arrival of OmniAmerican, and by jeopardizing the ability of OmmAmerican to stay
m the area and to provide consumer financial service to underserved Southeast Fort Worth
residents, and,
WHEREAS if the dechnmg neighborhoods are to be revitalized, the Crty of Fort Worth
believes that rt is imperative that all forms of financial services, including credit unions, have the
ability to locate in underserved neighborhoods.
CITY OF FORT WORTH
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH.
That the Crty of Fort Worth urges the Congress of the United States to consider and pass
legislation allowing credit unions to provide services to financially underserved areas of a city
and,
That the Crty of Fort Worth further urges the National League of Cities and the U S
Conference of Mayors to support legislation to allow credit unions to serve financially
underserved areas of American cities.
Adopted this~th day of November 1996
Mayor Ke~meth L Barr
Att st:
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ity .Secretary
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APPROVED
CITY couNCi~
NOv 26 1996
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CITY OF FORT WORTH