Responsible Banking in LA

by: admin

Thu Dec 15, 2011 at 14:17:33 PM EST

COR Resident Umar Hakim has been organizing around a proposed responsible banking law in LA.  This is his take on the issue:

A Los Angeles Council Member recently asked this question during the public finance committee meeting on December 5th, "What is the rush for passing the Responsible Banking Ordinance out of Committee?" Let's rewind this blog-ver-ver-sa-tion for a more just understanding of events, its players and purpose.

November 2010 LA VOICE a federation of PICO National organized 800 Los Angeles community members for action on the Responsible Banking Ordinance (RBO), introduced by Los Angeles Councilmember Alarcon.

This event displayed LA Voice's outreach into Los Angeles diverse community congregations. This event also featured the presence of the Los Angeles African Muslim community, organized by a Muslim resident through PJA & JFSJ's Community Organizing Residency (COR) program. Community members gave testimony about losing their homes and business owners narrated about being consistently denied for small business loans. Local banks expressed how they are more accountable in servicing the community, and their practices are more ethical than major banks. Clergy members delivered their leadership and demonstrated solidarity in Action. This interfaith public action was the initial event alerting Los Angeles residents about unfair banking practices; sparking awareness, some news, and other actions early in 2011.

June 2011 LA Voice's community leaders went before the Los Angeles Finance Committee, chaired by L.A. Councilmember Bernard Parks for RBO. Here delivering more facts about L.A's banking practices and how it's affecting homeowners and small businesses...

Read more on Umar's blog: www.createavoice.org.