L.A. Approves Banking Ordinance

14 Jun L.A. Approves Banking Ordinance

On May 15, the Los Angeles City Council unanimously passed the Responsible Banking Ordinance, which requires banks seeking city contracts to disclose detailed information about their lending and foreclosure practices. “This is a huge victory for customers and communities like South L.A. because people can now see which banks are investing in their community or being responsible neighbors and which ones are not,” said Minister Zachary Hoover, executive director of L.A. Voice, a faith-based organization that led the effort to pass the ordinance along with community groups and labor unions. “Big banks are incredibly powerful and pay millions of dollars for lobbying to write rules that benefit them. This time, we won a rule that shifts some of that power back in the hands of the people.”