Accountability in Action: Congresswoman Maxine Waters Challenges Banks at Town Hall Meeting in Inglewood
On Saturday, December 2, Congresswoman Maxine Waters, representing California’s 43rd District, led a discussion at Inglewood High School to tackle the pressing issue of banking accessibility within the community. This town hall meeting served not only as an open discussion but also as a call to action for residents to actively participate in shaping the financial landscape of this underserved community.
By Philtrina Farquharson | Contributing Writer
On Saturday, December 2, Congresswoman Maxine Waters, representing California’s 43rd District, led a discussion at Inglewood High School to tackle the pressing issue of banking accessibility within the community. This town hall meeting served not only as an open discussion but also as a call to action for residents to actively participate in shaping the financial landscape of this underserved community.
Inglewood, like many diverse and underrepresented communities, faces a significant challenge – a scarcity of banks and credit unions. This scarcity increases the wealth gap, decreases generational wealth, and daily, forcing residents to spend an inordinate amount of time completing routine banking tasks.
(Photo Credit: Philtrina Farquharson/OGNSC)
Waters highlighted the critical need for robust banking infrastructure to foster a thriving local economy. The aim is to break cycles, providing proper money management education for future generations, and instilling financial literacy for all that require it.
“I want to emphasize that this town hall serves as a platform for fostering dialogue, understanding, and collaboration among community members, local authorities, and financial institutions. Our collective voice, both mine as your Congresswoman and the voices of the residents, holds the power to shape the future of banking in Inglewood, aligning it with the diverse needs of our population,” said Congresswoman Maxine Waters during the event.
The town hall meeting delved into the responsiveness of financial institutions to the community’s needs, scrutinizing promises made in recent merger agreements or consent orders. The scarcity of banks not only impedes residents’ access to essential financial services but also hinders the community’s economic development, job creation, and overall well-being.
The panel included representatives from major banks – Wells Fargo, City National Bank, and PNC Bank – who attended the event. However, it is worth noting that despite invitations, representatives from Citibank, JPMorgan Chase, and Bank of America did not participate.
(Photo Credit: Philtrina Farquharson/OGNSC)
“I am proud of the work we do with small businesses to grow and thrive around the country and in the Los Angeles area. While economic challenges continue, we are focused on fostering an inclusive recovery and strengthening the small business sector for the long term with a special emphasis on supporting diverse small-owned businesses,” expressed Colleen Canny, National Branch Network Senior Executive at Wells Fargo Bank, in her opening statements during the panels.
“I am responsible for creating legislation, doing oversight on our regulators, and dealing with issues in financial services, everything from Wall Street to all of the banks,” said Congresswoman Waters. She highlighted the importance of educating the community on using financial services effectively, including alternatives like Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).
Waters urged residents to focus on her committee’s work, particularly in addressing issues related to Housing and Urban Development (HUD) and homelessness. She introduced legislation amounting to over $150 billion in Section 8 and homelessness programs aimed at developing low-income housing.
Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB) of the United States, addressed the event, discussing the challenges faced in California during the 2008 financial crisis. He emphasized the CFPB’s role in preventing unfair, deceptive, or abusive practices by financial institutions, recovering relief for millions of consumers.
Following each panel, residents engaged in an open dialogue, expressing concerns about banking issues. One resident questioned Wells Fargo’s investment in private prisons and relationships with politicians involved in criminalizing communities. Another resident highlighted challenges in contacting Wells Fargo for business-related issues, emphasizing the need for consistent and reliable banking services.
The town hall meeting provided a platform for residents to voice their concerns, ask questions, and share personal experiences with financial institutions. It was not just an event but a significant step towards creating a more inclusive and accessible banking system that meets the needs of every Greater Los Angeles area resident. The collective efforts of Congresswoman Waters and the community aim to initiate positive change and pave the way for a more equitable financial future in Inglewood.
