Responsible Banking Investment Monitoring Program
On May 25, 2012, an ordinance adding Section 20.95.1 to Chapter 5.1 of the Los Angeles Administrative Code to provide for the establishment of a Responsible Banking Investment Monitoring Program was enacted.
On June 26, 2018, the Council adopted an ordinance amending Section 20.95.1 of Chapter 5 of the Los Angeles Administrative Code in its entirety.
The intent of the Responsible Banking Investment Monitoring Program is to spur community reinvestment by the City's financial institutions and underwriters, and promote responsible consumer banking.
In addition to the disclosures required elsewhere in this Chapter, banking institutions already providing City banking business or seeking City banking business must also disclose the following information through annual filings with the appropriate City official as described below:
(a) Commercial banks: An annual statement of community reinvestment activities. The statement shall be specific to the City of Los Angeles and contain, at a minimum, the following information: the number, size and type of small business loans; the number of home mortgages; the number of home improvement loans; the number of community development loans; and the number of investments within the City of Los Angeles. The information shall be provided by census tract for the year immediately predating the filing. In addition, the statement shall also include the institution's participation in the City's foreclosure prevention and home loan principal reduction programs and any other similar programs reported by census tract, and its federal Community Reinvestment Act (CRA) score.
"Commercial bank" shall be defined for purposes of this Chapter as a banking institution that accepts cash deposits for checking and savings accounts from customers and uses those cash deposits to issue loans.
The statement required by this Section shall be filed by July 1st of each year with the City Treasurer, who shall make this information available to the public on its official website within 60 days after it is filed. The information required by this Section shall be first filed by the commercial bank when it applies to receive City deposits or other commercial banking business with the City and shall be updated annually as long as the bank continues to receive or seek City business.
(b) Investment banks: A statement of their corporate citizenship, which, at a minimum, shall include participation in charitable programs or scholarships within the City during the year immediately predating the filing, and internal policies regarding utilization of subcontractors who are designated as "women owned," "minority owned," or "disabled" business enterprises
"Investment bank" shall be defined for purposes of this Chapter as a financial institution that provides underwriting services including the buying and selling of stocks, bonds and other securities and other debt related services.
The statement required by this Section shall be filed by July 1st of each year with the City Administrative Officer, who shall make this information available to the public on its official website within 60 days after it is filed. The information required by this Section shall be first filed by the investment bank when it applies to participate in the City's selling of municipal indebtedness or other investment business with the City and shall be updated annually as long as the financial institution continues to receive or seek City business.
The City Administrative Officer, or the relevant City department, not excluding proprietary departments, will produce a matrix of the information provided by the financial institutions, as defined by the City Administrative Officer, whenever a financial transaction is transmitted to City Council for approval.
A financial institution, which has both commercial and investment branches shall be subject to the type of disclosure associated with the kind of City business it pursues: cash deposits or other types of commercial banking services; or the selling of securities or other debt related services.
Investment banks shall not be subject to disclosure requirements identified in Section 20.95 as long as they seek only investment banking business as defined above. If the financial institution seeks City's commercial banking business then that financial institution is subject to all of this Chapter's requirements.
(c) In order to promote responsible consumer banking, in addition to the disclosures mentioned in Subsections (a) and (b), a commercial and/or investment bank shall inform the City, in writing, and at the earliest time legally allowed, of any pending investigation and enforcement action undertaken by federal, state, or local agencies against the bank; furthermore, the bank shall certify in writing, in a manner approved by the City, that it has whistleblower protection policies for bank workers who report suspected illegal banking practices to law enforcement authorities.
(d) In addition to the other disclosures required by this section, commercial and/or investment bank shall certify, in writing, in a manner approved by the City whether:
(1) It is currently in compliance with all applicable consumer financial protection laws, including any law or regulation that prohibits illegal predatory consumer adverse practices, including those used as a basis for an employee's compensation, promotion, or discipline;
(2) It sets or allows individual or branch-level goals or requirements for the sale of a consumer financial service;
(3) It considers the quantity of an employee's sales of consumer financial products and services as a basis for the employee's advancement, discipline, termination, or compensation; and
(4) It has policies, protocols, and trainings in place at both the employee and management level to help prevent the abuse of sales of consumer financial services and products.
(e) The information requested by this Section shall be disclosed on a form to be provided by the City, and signed by an authorized representative under penalty of perjury. The disclosure statements filed by banking institutions shall be posted on the appropriate City websites for public viewing within 60 days of the beginning of each new City fiscal year; and be available for public inspection and copying.
RBO Investment Bank Form [PDF 2 Pages, 29 KB]
2022 Annual -- Corporate Citizenship Statement
- Academy Securities, Inc.
- Alamo Capital
- Backstrom McCarley Berry & Co., LLC
- Bank of the West
- Barclays Capital Inc.
- BofA Securities, Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets Inc.
- Goldman Sachs & Co. LLC
- J.P. Morgan Securities LLC
- Jefferies LLC
- Loop Capital Markets LLC
- Morgan Stanley & Co. LLC
- RBC Capital Markets, LLC
- Samuel A. Ramirez & Co., Inc.
- Siebert Williams Shank & Co., LLC
- Stern Brothers & Co.
- Stifel, Nicolaus & Company, Inc.
- TD Securities (USA) LLC
- UBS Financial Services Inc.
- Wells Fargo Bank, National Association
2021 Annual -- Corporate Citizenship Statement
- Academy Securities, Inc.
- Alamo Capital
- Backstrom Mccarley Berry & Co., LLC
- Bank of the West
- Barclays Capital Inc.
- BofA Securities, Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets Inc.
- Drexel Hamilton, LLC
- FHN Financial Capital Markets, a division of First Horizon Bank
- Goldman Sachs & Co. LLC
- J.P. Morgan Securities LLC
- Jefferies LLC
- Loop Capital Markets LLC
- Morgan Stanley & Co. LLC
- Piper Sandler & Co.
- Raymond James & Associates, Inc.
- RBC Capital Markets, LLC
- Samuel A. Ramirez & Co., Inc.
- Siebert Williams Shank & Co., LLC
- Stern Brothers & Co.
- Stifel, Nicolaus & Company, Inc.
- TD Securities (USA) LLC
- UBS Financial Services Inc.
- Wells Fargo Bank, National Association
2020 Annual -- Corporate Citizenship Statement
- 280 Securities
- Academy Securities, Inc.
- Alamo Capital
- AmeriVet Securities, Inc.
- Backstrom McCarley Berry & Co., LLC
- Bancroft Capital, LLC
- Bank of the West
- Barclays Capital, Inc.
- BofA Securities
- Cabrera Capital Markets LLC
- Citigroup Global Markets Inc.
- D.A. Davidson
- Drexel Hamilton, LLC
- FHN Financial Capital Markets
- Goldman Sachs & Co. LLC
- J.P. Morgan Securities LLC
- Jefferies LLC
- Loop Capital Markets LLC
- Mesirow Financial, Inc.
- Mischler Financial Group, Inc.
- Morgan Stanley & Co. LLC
- MultiBank Securities, Inc.
- Piper Sandler & Co.
- Raymond James & Associates, Inc.
- RBC Capital Markets, LLC
- Rice Securities, LLC
- Samuel A. Ramirez & Co., Inc.
- Siebert Williams Shank & Co., LLC
- SMBC Nikko Securities America, Inc.
- Stern Brothers & Co.
- Stifel Nicolaus & Company Inc
- TD Securities (USA) LLC
- UBS Financial Services Inc.
- UMB Bank, Capital Markets Division
- US Bancorp Investments, Inc.
- Wells Fargo Bank, National Association
2019 Annual -- Corporate Citizenship Statement
- Academy Securities, Inc.
- Backstrom, McCarley Berry & Co., LLC
- Bank of the West
- Barclays Capital, Inc.
- BofA Securities
- Cabrera Capital Markets, LLC
- Citigroup Global Markets Inc.
- Drexel Hamilton, LLC
- FHN Financial Capital Markets, a division of First Horizon Bank
- Goldman, Sachs & Co.
- J.P. Morgan Securities LLC
- Jefferies LLC
- Loop Capital Markets LLC
- Morgan Stanley & Co. LLC
- Piper Sandler & Co.
- R4 California Tax-Exempt Bond Partners II LP
- Raymond James & Associates, Inc.
- RBC Capital Markets, LLC
- Samuel A. Ramirez & Co./ Inc.
- Siebert Williams Shank & Co., LLC
- Stern Brothers & Co.
- Stifel, Nicolaus & Company, Inc.
- UBS
- US Bancorp Investments, Inc.
- Wells Fargo Securities
2018 Annual -- Corporate Citizenship Statement
- 280 Securities
- Academy Securities, Inc.
- Backstrom, McCarley Berry & Co., LLC
- Bank of America Merrill Lynch
- Barclays Capital, Inc.
- Blaylock Van, LLC.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets Inc.
- Drexel Hamilton, LLC
- Fidelity Capital Markets
- FTN Financial Capital Markets
- Goldman, Sachs & Co.
- Hilltop Securities, Inc.
- J.P. Morgan Securities LLC
- Jefferies LLC
- Loop Capital Markets LLC
- Mizuho Bank, Ltd.
- Morgan Stanley & Co. LLC
- OREC Securities, LLC
- Piper Jaffary & Co.
- Ramirez & Co., Inc.
- Raymond James & Associates, Inc.
- RBC Capital Markets, LLC
- Rice Securities, LLC
- Siebert Williams Shank & Co. LLC
- Stern Brothers & Co.
- Stifel, Nicolaus & Company, Inc.
- TD Securities (USA) LLC
- UBS
- US Bancorp Investments, Inc.
- Wells Fargo Securities
- Williams Capital Group, L.P.
2017 Annual -- Corporate Citizenship Statement
- Academy Securities, Inc.
- Backstrom McCarley Berry & Co., LLC
- Bank of America Merrill Lynch
- Barclays Capital, Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets, LLC
- Drexel Hamilton, LLC
- Fidelity Capital Markets
- FTN Financial Capital Markets
- Goldman Sachs & Co. LLC
- Hilltop Securities Inc
- J.P. Morgan Securities LLC
- Jefferies LLC
- Loop Capital Markets LLC
- Mischler Financial Group
- Morgan Stanley & Co. LLC
- Piper Jaffray & Co.
- PNC Capital Markets LLC
- Raymond James & Associates, Inc.
- RBC Capital Markets
- Red Capital Markets, LLC
- Samuel A. Ramirez & Co., Inc.
- Siebert Cisneros Shank & Co., LLC
- Stern Brothers & Co. Inc.
- Stifel, Nicolaus and Company, Inc.
- UBS Financial Services, Inc.
- US Bancorp
- Wells Fargo Bank, National Association
- Williams Capital Group, L.P.
2016 Annual -- Corporate Citizenship Statement
- Academy Securities, Inc.
- Alamo Capital
- Backstrom, McCarley Berry & Co.,LLC
- Bank of America Merrill Lynch
- Barclays Capital, Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets, LLC
- Drexel Hamilton, LLC
- Fidelity Capital Markets
- Goldman Sachs & Co. LLC
- J.P. Morgan Securities LLC
- Jefferies LLC
- Loop Capital Markets LLC
- Mischler Financial Group
- Morgan Stanley & Co. LLC
- Piper Jaffray & Co.
- PNC Capital Markets LLC
- Ramirez & Co., Inc.
- Raymond James & Associates, Inc.
- RBC Capital Markets
- Rice Securities LLC
- Red Capital
- Siebert Cisneros Shank & Co., LLC
- Stern Brothers & Co. Inc.
- Stifel, Nicolaus and Company, Inc.
- US Bancorp
- Wells Fargo Bank, National Association
- William Blair & Co., LLC
- Williams Capital Group, L.P.
2015 Annual -- Corporate Citizenship Statement
- Academy Securities, Inc.
- Backstrom McCarley Berry & Co., LLC
- Bank of America Merrill Lynch
- Barclays Capital, Inc.
- BOSC, Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets, Inc.
- Fidelity Capital Markets
- Goldman, Sachs & Co.
- J.P. Morgan Securities, LLC
- Jefferies, LLC
- Loop Capital Markets, LLC
- Mischler Financial Group, Inc.
- Morgan Stanley & Co., LLC
- Piper Jaffray & Co.
- PNC Capital Markets, LLC
- Raymond James & Associates, Inc.
- RBC Capital Markets, LLC
- Samuel A. Ramirez & Co., Inc.
- Siebert Brandford Shank & Co., LLC
- Stern Brothers & Co., Inc.
- Stifel, Nicolaus & Co., Inc.
- The Williams Capital Group, L.P.
- U.S. Bancorp
- Wells Fargo Bank, N.A.
- William Blair & Co., LLC
2014 Annual -- Corporate Citizenship Statement
- Academy Securities, Inc
- Backstrom McCarley Berry & Co., LLC
- Bank of America Merrill Lynch
- Barclays Capital Inc
- BBCN Bank
- BOSC, Inc.
- BMO Capital Markets, Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets Inc.
- Drexel Hamilton, LLC
- Fidelity Capital Markets
- Goldman, Sachs & Co.
- J.P. Morgan Securities, LLC
- Jefferies & Co., Inc.
- Loop Capital Markets, LLC
- Mischler Financial Group, Inc.
- Morgan Stanley & Co., Inc.
- Piper Jaffray & Co.
- PNC Capital Markets, LLC
- Ramirez & Co., Inc
- Raymond James and Associates, Inc.
- RBC Capital Markets, LLC
- Red Capital Markets, LLC
- Siebert Brandford Shank & Co., LLC
- Stern Brothers & Co., Inc.
- Stifel, Nicolaus & Company, Inc.
- US Bank
- Wells Fargo Securities
- William Blair & Co.
- The Williams Capital Group, L.P.
2013 Annual -- Corporate Citizenship Statement
- Backstrom McCarley Berry & Co., LLC
- Bank of America Merrill Lynch
- Barclays Capital Inc
- BMO Capital Markets, Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets Inc.
- Fidelity Capital Markets
- FTN Financial Capital Markets
- Goldman, Sachs & Co.
- J.P. Morgan Securities, LLC
- Jefferies & Co., Inc.
- Loop Capital Markets, LLC
- Morgan Stanley & Co., Inc.
- Piper Jaffray & Co.
- Ramirez & Co., Inc.
- RBC Capital Markets, LLC
- Siebert Brandford Shank & Co., LLC
- Stifel, Nicolaus & Company, Inc.
- US Bank
- Wells Fargo Securities
- William Blair & Co.
- The Williams Capital Group, L.P.
2012 Annual Corporate Citizenship Statement
- Backstrom McCarley Berry & Co., LLC
- Bank of America Merrill Lynch
- Barclays Capital Inc.
- Cabrera Capital Markets, LLC
- Citigroup Global Markets Inc.
- De La Rosa & Co.
- Goldman, Sachs & Co.
- J.P. Morgan Securities LLC
- Jefferies & Co., Inc.
- Loop Capital Markets LLC
- Morgan Stanley & Co., Inc.
- Ramirez & Co., Inc.
- Siebert Brandford Shank & Co., LLC
- Stifel, Nicolaus & Company, Inc.
- Wells Fargo Securities
- William Blair & Co.
For annual statements from commercial banks, please visit the Office of Finance.