Responsible Banking Ordinance

In 2012, the Los Angeles City Council adopted a "responsible banking" ordinance that requires banks doing business with the city to disclose detailed data on loans and foreclosure activity by community.  With $30 billion in assets, $6 billion in deposits and pension funds, and about 45 contracts with financial institutions, the City expects the ordinance to encourage banks to increase their lending and other services to city residents, particularly those in low-income communities.