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March 15, 2010

All Business: LA will reward banks that help city recover

  • The new rules will go farther than what's required of banks under the federal Community Reinvestment Act.
  • By RACHEL BECK
    AP Business Writer

    NEW YORK — The city of Los Angeles is putting banks it does business with on the spot.

    The unanimous directive coming from the city council is that banks need to help Los Angeles slow the pace of foreclosures ravaging its neighborhoods and battle a local unemployment rate that far exceeds the national average.


     
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