Friday, February 24, 2012

New Budget & Finance Committee Chair, Councilmember Paul Krekorian, Schedules Responsible Banking Ordinance for Monday, February 27


Meeting date: Monday, February 27, 2012

Contact: Jeremy Oberstein, (213) 359-8506

Budget and Finance Committee Agenda Preview

LOS ANGELES – At its regular scheduled meeting, the Budget and Finance Committee on Monday, Feb. 27, 2012, will discuss the following items:

  • The Responsible Banking Ordinance (RBO) [report]. The committee will consider three different RBO proposals that each lay out greater disclosure requirements for banks that do business with the city of Los Angeles.
    • Of these options, the City Administrative Officer (CAO) has recommended option two, a proposal that requires additional disclosure requirements of financial institutions are seeking to provide commercial banking services to the city.
    • In addition, the second proposal would:
      • List banks that participate in the city’s foreclosure prevention home loan principal reduction programs;
      • Establish a Corporate Citizenship Criteria (CCC) to list banks that, among other things, participate in charitable programs or scholarships;
      • Set up an Advisory Working Group made up of four representatives from outside city governance and six members from within city governance to develop, among other things, rules and guidelines for implementing the RBO.
  • Food Truck Parking Tax Exemption [report]. The committee will also consider a proposal that would exempt mobile food vendors from the city’s Parking Occupancy Tax.

NOTE: Due to the heightened level of interest in the RBO, the committee will move the location of its meeting from Room 1010 to the John Ferraro Council Chambers of L.A. City Hall, 200 N. Spring St., 90012. The meeting is slated for 2 p.m. and can be listened to live via Council Audio.

Councilmember Paul Krekorian, chairman of the Budget and Finance Committee, represents Los Angeles' Second Council District, which includes the east San Fernando Valley and the foothills. His website is, where you can sign up for news updates or visit him on Twitter (@PaulKrekorian) or Facebook.

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