Committee on Finance meeting, February 9, 2026
- When: Mon, Feb 9, 2026, 10:00 AM (Chicago time)
- Where: City Council Chamber, 2nd Floor, City Hall, 121 North LaSalle Street - Chicago, IL 60602
- Status: Scheduled & Published
- Committee: Committee on Finance
- Video: https://vimeo.com/manage/videos/1161514473
- Transcript: full text (30,980 words, automatic captions)
Meeting notes
AI-written from the transcript. Speakers are inferred from cues in the recording, so treat names as estimates and check the video at the linked time.
The Committee on Finance held two subject matter hearings, with the chair stating that no votes would be taken. The first examined the 2026 municipal depositories process under the Lending Equity Ordinance, with testimony from the City Comptroller, the Deputy City Treasurer, the Woodstock Institute, Neighborhood Housing Services, the Chicago Rehab Network and the Illinois Bankers Association; members asked about bank-owned vacant properties, selection criteria, the Catalyst Fund, deposits with small community banks, credit unions and lending data. The Comptroller later corrected the record to say Liberty Bank's response was rejected for not being domiciled in Chicago, and the chair noted the ordinance designating depositories would come before the committee at its Wednesday meeting. The second hearing, on a resolution about the city's cash flow and the timing of the 2026 advance pension payment, covered first-quarter cash outflows, Cook County property tax distribution delays, rating agency communications and revenue reporting; officials said half of the advance payment had been made and the remainder was planned for mid-year. The committee then adjourned.
Topics: municipal depositories, Lending Equity Ordinance, bank lending equity, Catalyst Fund, community banks and CDFIs, city cash flow, advance pension payment, Cook County property tax delays, credit ratings, revenue reporting
Agenda items discussed
- 20:45 Motion to allow members to participate remotely under Rule 59: passed
- 21:18 Public comment: discussed
- 25:30 Subject matter hearing on 2026 municipal depositories (Municipal Code section 2-32-400): discussed
- 2:23:34 Subject matter hearing on resolution regarding the city's cash flow and timing of the FY2026 advance pension payment: discussed
Alderpersons who spoke
- Pat Dowell (chair): Asked the Comptroller whether information raised by members could be included in the depository review, possibly through ordinance changes. (41:33); Noted that the Department of Buildings maintains a list of residential vacant properties owned or controlled by banks. (43:04); Said GN Bank should be encouraged to do mortgage lending in the community it serves. (1:08:18)
- Ronnie L. Mosley (alderperson): Asked how the city holds depository banks to the same standard as residents regarding vacant bank-controlled properties with public safety issues. (36:31); Raised concerns about commercial foreclosures in his ward, naming Wells Fargo, and asked about stabilization plans after sale. (39:00); Asked about partnerships such as joint RFPs with the planning department to address distressed properties at the block level. (40:12)
- Gregory I. Mitchell (alderperson): Added that banks use servicing companies and asked that the servicing company also be identified when banks are asked about properties. (43:26)
- Gilbert Villegas (alderperson): Asked for the depository selection criteria and how they are weighted. (44:06); Asked why the depository ordinance covers only the city and the Board of Education and not other sister agencies. (46:57); Asked for the current Catalyst Fund balance and its history, saying the money appeared to be sitting dormant. (47:55)
- Matthew J. Martin (alderperson): Asked whether the increase in mortgage applications from borrowers of color noted by the Woodstock Institute resulted from city recommendations to banks. (55:48); Asked the Illinois Bankers Association about multi-bank practices that increased mortgage applications from minority borrowers. (1:59:53)
- Byron Sigcho-López (alderperson): Cited a 2023 Inspector General report on lack of enforcement and asked how much the city deposits with these banks and what enforcement measures have been taken. (58:52); Said smaller community banks have greater local impact and that profits from city deposits should be retained in the city. (1:05:44); Asked whether any depository had faced disciplinary action or review for not meeting expectations. (1:07:33)
- Daniel La Spata (alderperson): Asked what average balances the city keeps with First Eagle Bank and Albany Bank. (1:08:30); Clarified he was not advocating pulling money and asked why balances at First Eagle and Albany are comparatively low. (1:10:11); Said it was encouraging to hear the city is operating a de facto linked deposits program. (1:13:17)
- Jason C. Ervin (alderperson): Welcomed the addition of Liberty Bank and Trust and the return of GN Bank to the depository list. (1:20:34); Asked whether the treasurer would set up community deposits with GN, Liberty and Wintrust similar to Albany and First Eagle. (1:21:00); Acknowledged concerns about GN Bank and said Liberty is a stable institution that could bring capital to South and West Side neighborhoods. (1:23:31)
- Scott Waguespack (alderperson): Introduced the resolution, noting the budget required a $260 million advance pension payment and expressing frustration with transparency about the timing of payments. (2:24:48); Said taxpayers expect transparency and asked whether reliance on the TIF surplus contributed to the cash flow problem. (2:43:30); Asked whether the cash flow problem would exist if reserves had not been depleted. (2:44:58)
- Brendan Reilly (alderperson): Asked how much faith the administration places in Cook County's statement that its property tax system issue has been resolved. (3:22:34); Asked whether the drop from $194 million to $135 million owed by the county meant some revenue had arrived. (3:23:53); Cited CPS borrowing costs and asked whether the city is tracking a running total of costs from the county's delays. (3:27:23)
Exchanges between members
- 43:04 The chair told Alderperson Ronnie L. Mosley the Department of Buildings keeps a list of bank-owned vacant properties.
- 43:26 Alderperson Gregory I. Mitchell said he appreciated Alderperson Ronnie L. Mosley request and added a point about bank servicing companies.
- 44:06 Alderperson Gilbert Villegas said he was building on the chair's statement before asking about selection criteria.
- 1:24:43 The chair told Alderperson Jason C. Ervin that Wintrust's lending data was below peer banks and should be examined.
- 2:06:24 The chair noted Alderperson Daniel La Spata had many questions, and he replied that asking questions is his job.
- 2:15:50 The chair answered Alderperson Jason C. Ervin that the depository ordinance would be before the committee at its Wednesday meeting.
- 3:21:32 The chair said Alderperson Byron Sigcho-López questions prompted her own question on revenue reports.
- 3:22:38 Alderperson Brendan Reilly said he wanted to pick up where Alderperson Scott Waguespack left off on Cook County payments.
- 3:41:06 The chair asked Alderperson Scott Waguespack whether he had closing remarks.
- 3:41:09 Alderperson Scott Waguespack thanked the chair for taking the matter into committee.