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]

2020 Annual -- Corporate Citizenship Statement

  1. Barclays Capital, Inc.
  2. Stifel, Nicolaus & Company, Inc.

2019 Annual -- Corporate Citizenship Statement

  1. Academy Securities, Inc.
  2. Backstrom, McCarley Berry & Co., LLC
  3. Bank of the West
  4. Barclays Capital, Inc.
  5. BofA Securities
  6. Cabrera Capital Markets, LLC
  7. Citigroup Global Markets Inc.
  8. Drexel Hamilton, LLC
  9. FHN Financial Capital Markets, a division of First Horizon Bank
  10. Goldman, Sachs & Co.
  11. J.P. Morgan Securities LLC
  12. Jefferies LLC
  13. Loop Capital Markets LLC
  14. Morgan Stanley & Co. LLC
  15. Piper Sandler & Co.
  16. R4 California Tax-Exempt Bond Partners II LP
  17. Raymond James & Associates, Inc.
  18. RBC Capital Markets, LLC
  19. Samuel A. Ramirez & Co./ Inc.
  20. Siebert Williams Shank & Co., LLC
  21. Stern Brothers & Co.
  22. Stifel, Nicolaus & Company, Inc.
  23. UBS
  24. US Bancorp Investments, Inc.
  25. Wells Fargo Securities

2018 Annual -- Corporate Citizenship Statement

  1. 280 Securities
  2. Academy Securities, Inc.
  3. Backstrom, McCarley Berry & Co., LLC
  4. Bank of America Merrill Lynch
  5. Barclays Capital, Inc.
  6. Blaylock Van, LLC.
  7. Cabrera Capital Markets, LLC
  8. Citigroup Global Markets Inc.
  9. Drexel Hamilton, LLC
  10. Fidelity Capital Markets
  11. FTN Financial Capital Markets
  12. Goldman, Sachs & Co.
  13. Hilltop Securities, Inc.
  14. J.P. Morgan Securities LLC
  15. Jefferies LLC
  16. Loop Capital Markets LLC
  17. Mizuho Bank, Ltd.
  18. Morgan Stanley & Co. LLC
  19. OREC Securities, LLC
  20. Piper Jaffary & Co.
  21. Ramirez & Co., Inc.
  22. Raymond James & Associates, Inc.
  23. RBC Capital Markets, LLC
  24. Rice Securities, LLC
  25. Siebert Williams Shank & Co. LLC
  26. Stern Brothers & Co.
  27. Stifel, Nicolaus & Company, Inc.
  28. TD Securities (USA) LLC
  29. UBS
  30. US Bancorp Investments, Inc.
  31. Wells Fargo Securities
  32. Williams Capital Group, L.P.

2017 Annual -- Corporate Citizenship Statement

  1. Academy Securities, Inc.
  2. Backstrom McCarley Berry & Co., LLC
  3. Bank of America Merrill Lynch
  4. Barclays Capital, Inc.
  5. Cabrera Capital Markets, LLC
  6. Citigroup Global Markets, LLC
  7. Drexel Hamilton, LLC
  8. Fidelity Capital Markets
  9. FTN Financial Capital Markets
  10. Goldman Sachs & Co. LLC
  11. Hilltop Securities Inc
  12. J.P. Morgan Securities LLC
  13. Jefferies LLC
  14. Loop Capital Markets LLC
  15. Mischler Financial Group
  16. Morgan Stanley & Co. LLC
  17. Piper Jaffray & Co.
  18. PNC Capital Markets LLC
  19. Raymond James & Associates, Inc.
  20. RBC Capital Markets
  21. Red Capital Markets, LLC
  22. Samuel A. Ramirez & Co., Inc.
  23. Siebert Cisneros Shank & Co., LLC
  24. Stern Brothers & Co. Inc.
  25. Stifel, Nicolaus and Company, Inc.
  26. UBS Financial Services, Inc.
  27. US Bancorp
  28. Wells Fargo Bank, National Association
  29. Williams Capital Group, L.P.

2016 Annual -- Corporate Citizenship Statement

  1. Academy Securities, Inc.
  2. Alamo Capital
  3. Backstrom, McCarley Berry & Co.,LLC
  4. Bank of America Merrill Lynch
  5. Barclays Capital, Inc.
  6. Cabrera Capital Markets, LLC
  7. Citigroup Global Markets, LLC
  8. Drexel Hamilton, LLC
  9. Fidelity Capital Markets
  10. Goldman Sachs & Co. LLC
  11. J.P. Morgan Securities LLC
  12. Jefferies LLC
  13. Loop Capital Markets LLC
  14. Mischler Financial Group
  15. Morgan Stanley & Co. LLC
  16. Piper Jaffray & Co.
  17. PNC Capital Markets LLC
  18. Ramirez & Co., Inc.
  19. Raymond James & Associates, Inc.
  20. RBC Capital Markets
  21. Rice Securities LLC
  22. Red Capital
  23. Siebert Cisneros Shank & Co., LLC
  24. Stern Brothers & Co. Inc.
  25. Stifel, Nicolaus and Company, Inc.
  26. US Bancorp
  27. Wells Fargo Bank, National Association
  28. William Blair & Co., LLC
  29. Williams Capital Group, L.P.

2015 Annual -- Corporate Citizenship Statement

  1. Academy Securities, Inc.
  2. Backstrom McCarley Berry & Co., LLC
  3. Bank of America Merrill Lynch
  4. Barclays Capital, Inc.
  5. BOSC, Inc.
  6. Cabrera Capital Markets, LLC
  7. Citigroup Global Markets, Inc.
  8. Fidelity Capital Markets
  9. Goldman, Sachs & Co.
  10. J.P. Morgan Securities, LLC
  11. Jefferies, LLC
  12. Loop Capital Markets, LLC
  13. Mischler Financial Group, Inc.
  14. Morgan Stanley & Co., LLC
  15. Piper Jaffray & Co.
  16. PNC Capital Markets, LLC
  17. Raymond James & Associates, Inc.
  18. RBC Capital Markets, LLC
  19. Samuel A. Ramirez & Co., Inc.
  20. Siebert Brandford Shank & Co., LLC
  21. Stern Brothers & Co., Inc.
  22. Stifel, Nicolaus & Co., Inc.
  23. The Williams Capital Group, L.P.
  24. U.S. Bancorp
  25. Wells Fargo Bank, N.A.
  26. William Blair & Co., LLC

2014 Annual -- Corporate Citizenship Statement

  1. Academy Securities, Inc
  2. Backstrom McCarley Berry & Co., LLC
  3. Bank of America Merrill Lynch
  4. Barclays Capital Inc
  5. BBCN Bank
  6. BOSC, Inc.
  7. BMO Capital Markets, Inc.
  8. Cabrera Capital Markets, LLC
  9. Citigroup Global Markets Inc.
  10. Drexel Hamilton, LLC
  11. Fidelity Capital Markets
  12. Goldman, Sachs & Co.
  13. J.P. Morgan Securities, LLC
  14. Jefferies & Co., Inc.
  15. Loop Capital Markets, LLC
  16. Mischler Financial Group, Inc.
  17. Morgan Stanley & Co., Inc.
  18. Piper Jaffray & Co.
  19. PNC Capital Markets, LLC
  20. Ramirez & Co., Inc
  21. Raymond James and Associates, Inc.
  22. RBC Capital Markets, LLC
  23. Red Capital Markets, LLC
  24. Siebert Brandford Shank & Co., LLC
  25. Stern Brothers & Co., Inc.
  26. Stifel, Nicolaus & Company, Inc.
  27. US Bank
  28. Wells Fargo Securities
  29. William Blair & Co.
  30. The Williams Capital Group, L.P.

 

2013 Annual -- Corporate Citizenship Statement

  1. Backstrom McCarley Berry & Co., LLC
  2. Bank of America Merrill Lynch
  3. Barclays Capital Inc
  4. BMO Capital Markets, Inc.
  5. Cabrera Capital Markets, LLC
  6. Citigroup Global Markets Inc.
  7. Fidelity Capital Markets
  8. FTN Financial Capital Markets
  9. Goldman, Sachs & Co.
  10. J.P. Morgan Securities, LLC
  11. Jefferies & Co., Inc.
  12. Loop Capital Markets, LLC
  13. Morgan Stanley & Co., Inc.
  14. Piper Jaffray & Co.
  15. Ramirez & Co., Inc.
  16. RBC Capital Markets, LLC
  17. Siebert Brandford Shank & Co., LLC
  18. Stifel, Nicolaus & Company, Inc.
  19. US Bank
  20. Wells Fargo Securities
  21. William Blair & Co.
  22. The Williams Capital Group, L.P.

 

2012 Annual Corporate Citizenship Statement

  1. Backstrom McCarley Berry & Co., LLC
  2. Bank of America Merrill Lynch
  3. Barclays Capital Inc.
  4. Cabrera Capital Markets, LLC
  5. Citigroup Global Markets Inc.
  6. De La Rosa & Co.
  7. Goldman, Sachs & Co.
  8. J.P. Morgan Securities LLC
  9. Jefferies & Co., Inc.
  10. Loop Capital Markets LLC
  11. Morgan Stanley & Co., Inc.
  12. Ramirez & Co., Inc.
  13. Siebert Brandford Shank & Co., LLC
  14. Stifel, Nicolaus & Company, Inc.
  15. Wells Fargo Securities
  16. William Blair & Co.

For annual statements from commercial banks, please visit the Office of Finance.

 

 

 

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