Ridley-Thomas Calls for Hearings on Bank Merger
Citing concerns over the potential loss of jobs and decreased banking services to low-income communities, Los Angeles City Councilman Mark Ridley-Thomas proposed Friday that hearings be held into the proposed merger of Bank of America and Security Pacific Bank.
Ridley-Thomas wants the City Council to ask the Federal Reserve Board to hold hearings in Los Angeles to address layoffs, bank branch closures and federal data showing racial and economic disparities in both banks’ home mortgage lending. He also asked for a 30-day extension by the Reserve Board in the time alloted for public comment.
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