NEW YORK (WCBS 880) – It’s the first ever hearing into the workings of the New York City banking commission, which is made up of the mayor, finance commissioner, and comptroller.

One of the commission’s major powers is to decide in which banks millions and millions in city revenues are deposited.

“We want to make sure… Well, if we’re giving you all this money and deposit it with you, what are you doing for New Yorkers?” New York City Council Finance Chair Dominic Recchia told WCBS 880 reporter Rich Lamb. “What are you doing for the people in our community? Are you modifying these mortgages? How many mortgages are you modifying?”

Recchia says his committee has leverage and wants to make sure they’re stepping up to the plate.