By Oscar Perry Abello, September 14, 2021

The audit’s arrival at the end of August is timely, as Chicago City Council is set to vote today on a measure that would update and strengthen Chicago’s Responsible Banking Ordinance and the city’s annual municipal depository designation process.

“It caught a lot of us off guard, but in a positive way, and we couldn’t have asked for better timing,” says Horacio Mendez, president and CEO of the Woodstock Institute, a financial services watchdog group in Chicago. “This [audit] really is wind at our backs to justify that there needs to be greater accountability.”