Friday, March 16, 2012

SEUI 721 Applauds Approval of Councilmember Alarcon's Responsible Banking Ordinance

Victory: Responsible Banking Ordinance

On Feb. 27, the combined strength of SEIU 721 and our 99% allies won unanimous Los Angeles City Council approval of an LA City Responsible Banking Ordinance (RBO). The new law uses the power of Los Angeles' $30 billion financial portfolio and requires banks to disclose what they are doing to invest in job creation and work to prevent foreclosures.

banks do your part.jpgRBO is a step toward letting the City of Los Angeles influence the behavior of commercial banks. Any bank that wants city business will have to provide a full report on its community performance. This would include small business loans, home mortgages, home improvement loans, community development loans, investments and other financial and charitable activities.This law increases transparency and sheds light on the way banks do business.

The Occupy LA Movement put this issue on the public agenda, SEIU 721 worked with other locals, ACCE, LA Voice and Good Jobs LA to demand passage by the council. City Council Member Richard Alarcon championed the law in the City Council, with support from Budget and Finance Chair Paul Krekorian and Council President Herb Wesson.

For more information:

Wednesday, March 7, 2012

RELEASE: Councilmember Alarcón Acts to Support Attorney General Kamala Harris’ “California Homeowner’s Bill of Rights” Legislation

March 7, 2012

David Graham-Caso
(cell) 213.393.9196

Councilmember Alarcón Acts to Support Attorney General Kamala Harris’ “California Homeowner’s Bill of Rights” Legislation
Resolution Would Offer City of Los Angeles’ Support to Important Bill Package

(Los Angeles, CA) – Los Angeles City Councilmember Richard Alarcón today took action to support the “California Homeowner Bill of Rights” legislation recently announced by Attorney General Kamala Harris. The package of six pieces of legislation, which was introduced by a coalition of State Legislators including Assembly Speaker John A. Perez and Senate President Pro Tem Darrell Steinberg, includes measures to reduce the number of foreclosures in California and to protect homeowners from unfair banking practices. The legislation builds on the recent California commitment announced by the Attorney General, which is expected to provide $18 million in benefits for California homeowners.

“Families, communities and the City’s budget in Los Angeles all suffered the damage done by the foreclosure crisis,” said Councilmember Alarcón. “We need measures like those introduced in this legislative package to protect people statewide, just like we need to hold banks accountable here in Los Angeles in order to make sure this never happens again.”

While Attorney General Harris has been working to hold banks accountable throughout California, Councilmember Alarcón has been leading the charge for increased banking accountability in Los Angeles. Last week, Councilmember Alarcón’s Responsible Banking Ordinance moved a significant step closer to becoming law in Los Angeles, when the City Council unanimously voted to support the proposal.

Once formally adopted, Councilmember Alarcón’s Responsible Banking Ordinance will create a public, transparent process for gathering information about banks’ history of service in communities in Los Angeles when considering which financial institutions to award future City contracts. The Ordinance would not preclude any financial institutions from doing business with the City of Los Angeles, but would rather require banks interested in doing business with the City to provide specific information about their work in Los Angeles.

“The Responsible Banking Ordinance is a common-sense way to reward the banks that are good members of our communities,” said Councilmember Alarcón. “Banks are now on notice – if they want to do business with the City of Los Angeles, they need to demonstrate that they are reinvesting in communities in Los Angeles.”

For more information about Councilmember Alarcón’s Responsible Banking Ordinance, please

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