News coverage from KMEX-TV: Channel 34 and KAZA-Azteca TV: Channel 54
On June 12, 2008, U.S. Treasurer Anna Escobedo Cabral joined fifty of Los Angeles business and community leaders at a press conference held at the L.A. Chamber of Commerce to address the importance of strengthening the Latino community’s access to mainstream financial products. ABC presented findings from a new bank study, revealing that Los Angeles Latino market is underbanked, specifically, that local financial institutions inadequately meet the needs of Latino consumers. The study, entitled Banking Los Angeles Latino Market, was conducted by ABC and its partners - the Central American Resource Center (CARECEN) and the National Association for Latino Elected and Appointed Officials (NALEO) - and examines bank products and services (i.e. checking accounts, check cashing fees and remittance programs) that are needed, accessible and affordable to low-income and foreign-born populations.