San Diego has joined a growing list of major cities requiring banks to prove that they are adequately serving low- and moderate-income consumers.

The city council last week unanimously passed a "responsible banking" ordinance that compels any bank doing business with the city to disclose detailed data on their lending and community redevelopment activities. Banks that fail to comply run the risk of losing the city's business.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.