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Council approves revised plan to keep Los Angeles Community Development Bank operating
Summary
After extensive questioning about past loans and financial exposure, the City Council on March 27 approved a limited, revised business plan for the Los Angeles Community Development Bank and accepted staff recommendations to maintain the bank's current oversight structure, approving the item 12-0 as amended.
The Los Angeles City Council voted 12-0 March 27 to approve a revised business plan and continued oversight arrangement for the Los Angeles Community Development Bank, while directing additional reporting and asking the bank to adopt clearer job-quality criteria for lending decisions.
The council heard several hours of testimony from staff and council members about the bank's problematic lending history and current portfolio. Lisa Johnson of the Office of Administrative and Research Services told the council that the bank originally deployed roughly $97,000,000 in loans; about $45,000,000 of that has been…
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