Despite Latinos tremendous growth and rising economic influence (their national purchasing power is expected to grow to $1 trillion by 2010), Latinos remain generally underserved by banking institutions. The majority of banks have not diversified their products to meet the unique needs of the Latino consumer. Without a significant public policy response, an entire segment of our population risks being left behind by our region's economic growth.
ABC released a study of local banks in Los Angeles to highlight the unaddressed needs of the underbanked Latino market and encourage financial institutions to better serve Latino consumers with products that promote long-term economic prosperity of Latino families and their communities.
U.S. TREASURER MAKES CALL TO BANKING INSTITUTIONS
TO BETTER ADDRESS FINANCIAL NEEDS OF LATINOS IN LOS ANGELES
High levels of educational capital - the number of highly knowledgeable, skilled people in a state's workforce - provide California with a strong foundation for economic development. Because educational capital has a direct impact on our economy and quality of life, it is critical to increase the number of students successfully pursuing college, trade school or meaningful post-graduation employment.
In order to comprehensively address the challenges of providing our students with rigorous classes, career education, work-based learning opportunities and a quality learning environment, ABC promotes partnerships between educational institutions and community, nonprofit and business leadership via the “Multiple Pathways” reform movement. ABC is also the co-chair of the “Los Angeles Partnership for Multiple Pathways,” a broad-based partnership advocating for the development of high quality college and career education opportunities for all students.
- Development and unanimous passage of LAUSD’s Multiple Pathways Board Resolution
- Establishment of a Multiple Pathways Network of Industry Advisors