On December 13th with the leadership of Councilmember Nury Martinez, the Los Angeles City Council unanimously voted to direct the City Attorney to draft an amendment to the RBO that will require the banks doing business with the City of Los Angels to certify whether or not they:
- Set or allow individual or branch-level goals or requirement for the sale of a consumer financial service;
- Consider the quantity of an employee’s sales of consumer financial products and services as a basis for employee advancement, discipline, termination, or compensation;
- Have policies, protocols, and trainings in place at both the employee and management level to help prevent the abuse of sales for consumer financial services and products
This is a significant procedural vote because it sets us on a course to codifying protections for consumers and bank workers alike from the practice of sales goals in the big banks in Los Angeles. The City Attorney is expected to release the draft amendment in February and a final vote by the City Council will soon follow.
We want to thank both consumers and bank workers that have spoken out against the predatory nature of sales goals used by the big banks. We also want to thank all of our members and allies that made calls and sent emails to LA elected officials to urge them to take action against the use of sales goals in the banks that do business with the City of Los Angeles. We could not have done this without your work to organize, mobilize and fight for fairness for the working people of Los Angeles. Thank You!