Bid to Review Community Bank Vote Dropped

Los Angeles City Councilman Mike Feuer’s office opted not to push the council to reconsider the Los Angeles Community Development Bank’s business plan later this week after reviewing documents that confirm the full council will take up “all the thorny issues” facing the community lender in 90 days, Feuer spokesman Daniel Hinerfeld said. Feuer had planned to ask the council to reconsider its Tuesday vote to approve the plan. The federally funded bank was created to make loans to businesses denied financing by conventional lenders, thereby creating jobs for needy residents. It has suffered from a high default rate and poor oversight.