May 16 2012
Joining a growing number of municipalities, the Los Angeles City Council on Tuesday adopted a “responsible banking” ordinance that will require banks doing business with the city to disclose detailed data on loans and foreclosure activity by community.
Much of the information is already reported under federal law but can be hard to find in voluminous federal banking reports, said Miguel Santana, city administrative officer. The new law would bring the information together on a city website that the public could search by census tract, he said.
Banks that decline to provide the information will be deemed unqualified to bid for a piece of the city’s $6 billion in deposits and pension funds, Santana said. The law will enable the city and its residents to identify which banks are helping the community and which aren’t, said Councilman Richard Alarcon, who wrote the legislation.
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