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Former City Councilor Charles Yancey says the city should divest its deposits from banks that don’t invest in local communities.

Former City Councilor Charles Yancey says the city should divest its deposits from banks that don’t invest in local communities.

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Activists press Santander bank to deal locally

Santander cutting deal with D.C. group

Under the Community Reinvestment Act of 1977, banks are required to extend credit to businesses and residents of low-income communities where bank services historically have been lacking. While those agreements have traditionally been negotiated with community-based organizations and nonprofits, Santander Bank is looking elsewhere to negotiate benefits for communities in Boston, Worcester and Springfield: Washington, D.C. A coalition of Boston activists is questioning why the bank decided to negotiate a CRA agreement for Massachusetts cities with the Washington-based National Community Reinvestment Coalition.