By Christin Evans, HANC Board

This past month, the SF Reinvestment Working Group voted unanimously to submit two business plans, each over 50 pages each, to the Board of Supervisors. The group’s year-long work to detail the capital and operational requirements of a municipal bank concluded with final reports prepared by city funded consultants HR&Advisors and the Findlay Group. The first plan details the precursor entity called a Municipal Financial Corporation (MFC) which would operate in the first three years and establish the lending track record required by bank regulators before approving the creation of an SF municipal bank. The second plan details the operations and prospective lending priorities and products of the SF Public Bank once it receives regulatory approvals. The Board of Supervisors will take up consideration of the two plans at a Government Audit & Oversight committee scheduled for July 2023. The full plans can be accessed at: https://sfgov.org/lafco/reinvestment-working-group.