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LA adopts new rules for banks wanting to hold the city's money
A sign is posted in front of a Wells Fargo bank on October 11, 2013 in Oakland, California.
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LA adopts new rules for banks wanting to hold the city's money
On Monday, Los Angeles Mayor Eric Garcetti signed off on new rules for banks that want to hold the city's money.
The new requirements come in the wake of scandals involving Wells Fargo, which currently handles most of the city's deposits. After Wells Fargo was caught opening millions of accounts without consent from consumers, in part due to aggressive employee sales goals, Los Angeles officials began looking for another bank.
Now, in order to get the city's business, banks will have to disclose information about their sales goals and whether those goals are tied to employee pay. They'll also have to adopt whistleblower protections and disclose any pending government investigations.
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But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
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