FDIC Community Affairs staff in the San Francisco Region began the development of the Los Angeles Alliance for Economic Inclusion in September of 2006 and officially launched in June 2007. The membership of the Alliance includes representatives from over 60 organizations comprised of financial institutions, community-based organizations, and local and federal government agencies. The Los Angeles AEI meets three times a year and features plenary speakers that address topics involving economic inclusion. There are three working groups focusing on youth financial education, asset-building initiatives, and small business development.
Additionally, the “Bank on Los Angeles” initiative is part of the Los Angeles AEI. The “Bank on Los Angeles” efforts are supported by the City of Los Angeles Community Development Department and the initiative endeavors to bring the unbanked and underbanked into the financial mainstream.