The City of Chicago's Department of Finance has issued a Request for Proposals (RFP) for the designation of Municipal Depositories for the year 2025. Published on September 20, 2024, the RFP outlines the responsibilities and commitments expected from participating financial institutions. The Department of Finance plays a pivotal role in managing the city's financial operations, which include revenue collection, utility billing, and tax enforcement. As part of this initiative, the city aims to ensure secure and effective financial practices while fostering diversity among its banking partners. The RFP includes various documents, such as an anti-predatory lending pledge and community reinvestment commitment affidavits, which underscore the city’s dedication to ethical financial management.

Interested institutions are urged to meticulously review the provided forms and guidelines to ensure compliance with the city’s standards. This RFP is not only a procedural step but also reflects the city’s commitment to improving its financial landscape and accountability. The initiative is expected to enhance the overall efficiency of the city’s financial operations while promoting responsible banking practices.