Responsible Banking Act — Los Angeles

Date: 24 May 2012 | posted in: Banking | 0 Facebooktwitterredditmail

The following law, adopted by the City of Los Angeles in May 2012, requires all banks doing business with the city or seeking to do business with the city to annually submit information detailing their lending and investments in each of the city’s census tracks. This information will then be posted on the Los Angeles Treasurer’s web site, where it can be reviewed by the public and considered by city officials in determining which banks the city will deposit its funds with.

Under the law, a bank must supply information on: “the number, size and type of small business loans; home mortgages; home improvement loans; community development loans; and investments within the City of Los Angeles, to be provided by census tract for the year immediately predating the filing.”

Download Los Angeles Responsible Banking Act