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Council amends Link Banking findings and directs oversight board to review US Bancorp community reinvestment
Summary
The council adopted an amendment instructing the Link Banking Community Oversight Board to review US Bancorp's community reinvestment activity and report back with recommendations on whether the bank should be permitted to compete for city contracts; the amended motion pauses removal of prior restrictions until oversight review is complete.
The Los Angeles City Council approved a substitute recommendation directing the newly constituted Link Banking Community Oversight Board to review U.S. Bancorp's community reinvestment and report to the Council Economic Development (CED) committee after its first meeting. The council deleted a prior recommendation that…
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