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JULY 18 CalAccount Flyer_v2
CalAccount

Join Us for the CalAccount Hearings on July 18th in Sacramento & Los Angeles + Endorse CalAccount!

Over the past year, the CalAccount Community Coalition has tirelessly advocated through reports, testimony, and public input, stressing the urgency of providing fee-free checking accounts with debit card access to all Californians. Working families, especially those facing financial hardship, shouldn’t have to pay overdraft fees and other predatory penalties to access their own money!

On July 1st, RAND released the CalAccount Market Study & Feasibility Assessment, commissioned by the State Treasurer’s Office, stating that CalAccount is feasible and necessary to address financial inclusion and the needs of unbanked and underbanked populations in California. This gives us the green light to introduce legislation next year for legislative approval of the program, making CalAccount the nation’s first state-administered universal banking program.

JOIN US ON JULY 18th: We’re coordinating public support for CalAccount in Sacramento and Los Angeles. The Sacramento hearing will be held at the State Treasurer’s Office. Supporters will meet at SEIU State Council‘s office in Sacramento at 12pm on July 18th for a brief training session and lunch. They will then walk (about 3 blocks) to the State Treasurer’s office where the commission hearing will be held. 

In Los Angeles, we will be convening on July 18th at 12pm at SEIU 2015 Union Hall and will call in to participate remotely for public comments.

Sacramento – July 18th – View/Download the Sacramento Flyer

12pm – SEIU State Council – 1029 K Street, Sacramento, CA 95814
1pm – Commission Hearing at State Treasurer’s Office – 901 P Street, Conference Rm 102, Sacramento, CA 95818

Los Angeles – July 18th – View/Download the LA Flyer

12pm – SEIU 2015 Union Hall – 2910 Beverly Blvd, Los Angeles, CA 90057
1pm – Remote call-in for public comment.

Reach out to us at info@capublicbanking.com and let us know if you will be able to join us in either Sacramento or LA.

CalAccount Talking Points 


The CalAccount Market Study & Feasibility Assessment report finds:

  • CalAccount is needed: No-fee-/no-minimum balance accounts are “rare in California,” and underbanked Californians pay hundreds of dollars a year in fees to use their money. 95 percent of banks charge overdraft fees; monthly service fees are common, and unbanked Californians face check-cashing and money order fees among others. CalAccount will enable savings on those multiple fees with “meaningful impacts” on California households.

  • CalAccount “could significantly reduce disparities in access to banking” for Black and Latina/Latino and low-income Californians. CalAccount could cut those disparities by 25% to 30% — or more under some scenarios — the report finds.

  • CalAccount is feasible. The account’s technical features are “similar or identical to transaction account features already being offered” by banks and fintechs. Nearly four in 10 unbanked Californians – and three-fourths of underbanked Californians – are already using mobile online financial services similar to those CalAccount would offer.

  • CalAccount’s benefits outweigh the costs for all versions of the program the report analyzes, with an estimate of $31 million more in benefits than costs for a mobile/online-only version of the program.

  • The report suggests ways to set up a successful CalAccount program. For example, the report notes that CalAccount could help banks acquire customers for their other services as well as generate fees and revenues for banks and that outreach by community organizations could ensure CalAccount signs up enough customers to make money. In fact, the report finds that banks and fintechs are already offering no-fee/no-penalty accounts – underscoring that the issue is not whether such accounts are financially viable but whether the state guarantees financial access that is not subject to the whims of bank executives.

  • HR&A Advisors’ recent report on CalAccount offers insights that complement the RAND report. Those include estimates that CalAccount will save Californians an aggregated $3.1 billion annually and an impact analysis estimating that the program will generate a total of $5 billion in activity in the state’s economy.

Endorse CalAccount!


Join over 250 organizations in supporting CalAccount to provide free financial services for all Californians. By endorsing CalAccount, your organization will help support financial inclusion, reduce the unbanked population, and ensure that all residents have access to essential banking services without the excessive fees, fines, penalties, and barriers posed by Wall Street banks and commercial financial institutions.

Endorse CalAccount today by signing our organizational support letter. Join the movement and stand with our growing list of supporters by viewing the links below.

If you have already endorsed, please reaffirm your commitment by signing our 2024 endorsers letter.

Sign On to Endorse CalAccount

View the Endorser’s List.

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CPBA Admin July 12, 2024 0
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CalAccount

Your Voice Matters: Shape the Future of Banking in California Today!

Shape the Future of Banking in California!

California’s banking landscape should work for everyone, yet many face challenges like account fees and barriers to access. Let’s change that together.

Take a moment to share your banking experiences in this quick survey from the Roosevelt Institute, a non-profit research organization. Your insights will help us advocate for accessible, fee-free banking options across the state.

By participating, you can enter to join a paid focus group near you. Participants who enter their email in this survey will receive a follow-up email from the Roosevelt Institute requesting their availability (location, date, times) for focus groups. Compensation will be provided to those who schedule and attend a focus group.

Take this brief 10-minute survey in English or en EspaÃąol .

(You can view the questions here ).

All survey responses will remain anonymous and used solely for research. No confidential or identifying information will be shared.

Please complete this survey by July 12th.

Your input is crucial in creating a fairer banking system for all Californians, particularly for low-income individuals and communities of color.

Thank you for making a difference!

California Public Banking Alliance

Tu voz cuenta: ÂĄDa forma al futuro bancario de California hoy mismo!


El panorama bancario de California debería funcionar para todos, sin embargo, muchos enfrentan desafíos como tarifas de cuenta y barreras de acceso. Cambiemos eso juntos.

TÃģmate un momento para compartir tus experiencias bancarias en esta breve encuesta del Roosevelt Institute, una organizaciÃģn de investigaciÃģn sin fines de lucro. Tus opiniones nos ayudarÃĄn a abogar por opciones bancarias accesibles y sin tarifas en todo el estado.

Al participar, puedes inscribirte para unirte a un grupo de enfoque pagado cerca de ti. Los participantes que ingresen su correo electrÃģnico en esta encuesta recibirÃĄn un correo electrÃģnico de seguimiento del Roosevelt Institute solicitando su disponibilidad (ubicaciÃģn, fecha, horarios) para los grupos de enfoque. Se proporcionarÃĄ compensaciÃģn a aquellos que programen y asistan a un grupo de enfoque.

Realice esta breve encuesta de 10 minutos en EspaÃąol.

(Puede ver las preguntas aquí.)

Todas las respuestas de la encuesta serÃĄn anÃģnimas y se utilizarÃĄn Únicamente para investigaciÃģn. No se compartirÃĄ informaciÃģn confidencial o identificativa.

Por favor, complete esta encuesta antes del 12 de julio.

Tu opiniÃģn es crucial para crear un sistema bancario mÃĄs justo para todos los californianos, especialmente para las personas de bajos ingresos y las comunidades de color.

ÂĄGracias por marcar la diferencia!

Alianza de Bancos PÚblicos de California

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CPBA Admin July 2, 2024 0
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CalAccount

KPFA Covers CalAccount Briefing

KPFA covers CalAccount: 20% of California households cannot access basic financial services such as basic savings, checking accounts, and debit cards. CalAccount can save Californians $3.5 billion per year.

KPFA: https://kpfa.org/episode/the-pacifica-evening-news-weekdays-june-26-2024/

Listen here:
https://kpfa.org/wp-content/uploads/2024/06/IQBAL.mp3

Watch our webinar on the California Public Banking Alliance’s YouTube page: https://youtu.be/qKncSXqmZLU?feature=shared



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CPBA Admin June 27, 2024 0
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CalAccount

Event Wrap-Up – CalAccount Statewide Town Halls

CalAccount February 2024 Town Hall Report

Hundreds of CalAccount supporters took the time to passionately document the extreme hardships that working class Californians face due to the absence of affordable financial services. They arrived at three town halls convened in late February by the California Treasurer’s Office in Fresno, Oakland, and Los Angeles to gauge support for this innovative solution that will dramatically improve the lives of the unbanked and underbanked. 

These town halls drew grassroots community leaders, business leaders, experts in financial services access, labor leaders, and workers. All testified to the overwhelming need for a no-fee, no minimum balance, no overdraft fee account overseen by the State of California.

Facilitated by the CalAccount Executive Director, Cassandra DiBenedetto, town hall participants provided powerful testimony supporting the need for the program. Public participation is required to be included in the final report by RAND, the firm conducting the CalAccount Market Study for the Treasurer’s Office.  

Visit the California Public Banking Alliance YouTube page to view video clips from the town halls. 

To watch the full video recordings of the CalAccount Town Halls, visit the CalAccount Blue Ribbon Commission page on the State Treasurer’s website.

FRESNO

.   

The first town hall kicked off in Fresno, where numerous Central Valley leaders addressed issues such as access to banking services, banking deserts, and the high fees faced by Latino, African-American, and Native American constituents.

David Mendoza, Project Director, Fresno Native American and Business Development Center. “Native communities have the highest percent of being unbanked, between 16 and 22%!  I wholeheartedly support CalAccount and hope to collaborate further to make this program a reality.”

Maria Maldonado, Statewide Director for California Fast Food Workers Union:  “Most checking accounts require either a monthly fee or a minimum balance, or both.  What do you think the average minimum balance is to avoid paying a fee? About $500, a little more than the $450 that is the average paycheck fast food workers earn in a week.“ 

Other leaders who spoke in Fresno: 

Samuel Molina, CEO and Founder of The Academy of Financial Education;  
Eric Payne, Executive Director of Central Valley Urban Institute;
Aliyah Shaheed, Bay Area Organizer of Rise Economy.

OAKLAND

     

In Oakland, community leaders, financial access experts, and workers voiced their support for CalAccount, emphasizing its viability and the urgent need for the program.  

Theresa Rutherford, President, SEIU 1021, and member, Executive Board, SEIU International: “Our aim and our goal is to make sure all workers can access good benefits. CalAccount creates access and generational wealth. We know banking is important to any worker being able to move forward in their day-to-day lives. I have co-workers who are not able to do basic things like rent a car, stay at a hotel, or even buy gas.” 

Dr. Nari Rhee, Director, Retirement Security, Berkeley Labor Center: “California has several examples of successful financial service programs where the state stepped in to meet a need that wasn’t being served by the marketâ€Ķ

These programs deliver value to workers and consumers in three ways: First, they fulfill an unmet need that the private market either isn’t interested in serving or doesn’t serve very well. Second, they bundle together a large number of consumers, which means stronger bargaining power with financial institutions than we have as individual consumers. Third, they combine private administration with public oversight. All of this means a higher quality product at a lower cost.”

Varun Gupta, Chief Financial Officer, MoCaFi:  “This is a great initiative. We have worked with San Diego, LA, and other communities to make financial products more accessible. The most critical factor for the financially vulnerable unbanked and underbanked is a lack of access. This could change the lives of people and bring them financial stability.  Imagine the psychological benefit of not having to look over your shoulder because you are carrying cash. It’s an upside-down system where poor people are paying all the fees and people like me are getting all the benefits.  

Wesley Alexander, CEO of CoBiz Richmond, a business incubator for students, small business owners, and new immigrants in Richmond California: “During COVID, hundreds of businesses closed because they did not have a bank account or financial history or a relationship with a bank. This is a very, very important endeavor for people to have access. Just because you are unbanked does not mean you are untalented or can’t be a good citizen in your community.” 

Sylvia Chi, Senior Policy Analyst and Attorney, Just Solutions, SF Public Bank Coalition, California Public Banking Alliance: “Folks may have heard the federal government is proposing rules to limit overdraft fees. Banks are resisting the proposed rule, and are likely to litigate against it. In the past, when one type of fee is limited, they come up with a new type of fee. When Congress imposed limits on swipe fees on debit cards in 2010, banks increased monthly maintenance feesâ€Ķ In conclusion, Californians need what CalAccount offers, a fee-free way to access their money and a guarantee it will stay fee-free.”  

Rick Girling, retired public school teacher, SF Public Bank Coalition, Communications Director, California Public Banking Alliance: “I recently was charged a $35 overdraft fee. I had the money in my account and was pissed, but for those who live paycheck to paycheck, a $35 fee is devastating.” 

Other speakers in Oakland included: 

Emily DiVito, Deputy Director, Corporate Power, Roosevelt Institute; 
Brandon Dawkins, VP of Organizing, SEIU 1021; 
Jennifer Esteen, Board co-chair, Public Bank of East Bay;
Brandon Greene, Policy Director, Western Center on Law and Poverty;
Loraina Flores-Martinez, Associate Director of Partnerships, MyPath;
Noel Knowles, MyPath; 
Stacy Pourfallah, Financial Specialist, International Rescue Committee.

Workers and Community members:

Guillermina Calvo, Josefina Ramos, Claudia Romero, Romualda Alcazar, Dulce Escalante, Guadalupe Sanchez, Julisa Villa, Dilia EspaÃąa, Samantha Alamo, Beatriz Avila, Massiel Picado

LOS ANGELES

The third and final town hall wrapped up in Los Angeles on February 23, where community leaders, labor leaders, immigrant advocates, anti-poverty organizers, academics, and workers spoke about their experiences with unfair banking practices. The speakers stressed the need for a state-run bank account free from charges or penalties.

David Green, President and Executive Director, SEIU 721: “As a social worker, LA County Child and Family Services, I met dozens if not hundreds of Californians who lack access to affordable financial services. The state can remove an unnecessary roadblock to communities that have borne the brunt of being excluded from the financial system. With CalAccount our state will emerge stronger and more inclusive than ever before.”

Toya Vick, peer Support Specialist and Organizer, Participatory Defense of the Inland Empire: “I am here representing the underserved communities of formerly incarcerated individuals, seniors, and children. This will help integration of formerly incarcerated individuals into society. They often lack traditional IDs needed to open a bank account or establish a line of credit. Banks don’t accept incarceration IDs. When they are able to open accounts they are hit with maintenance fees, overdraft fees, or other junk fees, causing them to have to close their accounts, miss paying bills, and further destabilize their lives.. When they have to go to an ATM outside their network, they have to pay fees of $3.50 up to $8.00 for each transaction.”

Elba Serrano, East LA Community Foundation: “We work with low-income immigrants, and they have a lot of stressful experiences with banks. They are charged fees or have accounts closed and be listed in Chex Systems, making it harder to open another account. I have been to the bank on payday and seen people waiting in line for hours to talk with the one banker who speaks Spanish, letting other people go in front of them.  We work with street vendors, Mariachis, they operate in cash, they are vulnerable, they get robbed, and they lose out on business because they can’t accept Zelle.”

Andy Winnick, Professor of Economics and Statistics, CSU-Los Angeles (retired): “If people don’t have a bank account, they have a problem. They have to pay in cash or pay 8-10-12% of money for a check. They face safety issues and the time-mismatch of getting paid weekly, but paying bills monthly; how can they keep their money safe until they can pay bills?  They also face problems with discrimination. We have many studies that show black, Latino, also single mothers who are discriminated against in the banking system. During COVID, we wanted to send benefit checks. Middle class, most white people got money deposited directly into their accounts. We tried to get checks to other people, but without bank accounts, they had no way to cash them without losing 8-12% off the top. 50,000 people in the LA area are unhoused, and very vulnerable to safety issues if they don’t have a bank account.  CalAccount could help people save more money, could actually reduce homelessness.”

Trinity Tran, Co-Founder, Public Bank LA, California Public Banking Alliance: “When people are able to hold onto their money instead of spending it on expensive fees and interest charges—this boosts the economy. CalAccount would free up funds for low-income households to spend on goods and services, stimulating economic activity, and leading to job creation across various sectors. A 2021 study by HR&A Advisors pointed to exactly that. They found that by redirecting spending away from bank interest and fees, keeping hard-earned dollars in the pockets of Californians, the CalAccount program would serve 3.5 million individual workers in California resulting in $3.3 billion in savings for low-income households, creating 22,000 jobs and boosting the California economy by over $4 billion. Financial inclusion will add billions to strengthen California’s economy.” 

Other leaders who spoke in Los Angeles included: 

Luz Castro, Associate Director of Policy, Inclusive Action for the City;
Eunbi Kim, Community Bank Fraud Prevention Analyst;
Jay Miller, Lead, Inland SoCal BankOn Coalition;
Beverly Roberts, Co-Chair Home Defenders League, ACCE Los Angeles;
Javier Sarmiento, Co-chair Home Defenders League, ACCE Los Angeles;
Jasmine, Base Builder;
Doni Tadesse, Southern California Organizer, Rise Economy;
Julia Ornelas, Program Manager, Rise Economy;
Lovoy Mejia, Entrepreneur, Public Bank LA;
Erika Toriz-Kurkjian, Founder, Executive Director, Haven Neighborhood Services;
Emily Dibiny, Ground Game LA.

Workers and Community members:

Sabina Gutierrez, Jose Loubert; Yolanda Lopez; Angelica Hernandez; Felicitas Ortega; Marta Flores, Mysheka Ronquillo; Patricia Meza; Vicenta Diaz; Laura Salceda; Imelda Padilla; and
Manuela Saldana.

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CPBA Admin April 7, 2024 0
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CalAccount

CalAccount LA Town Hall Featured in La OpiniÃģn

CalAccount was featured in La OpiniÃģn, the US’s largest Spanish-language paper. Fast food workers and community leaders gathered at the CalAccount Town Hall in Los Angeles. They shared experiences with unfair banking practices and spoke to the critical need for universal banking access in CA.

Read the coverage in La OpiniÃģn: RevoluciÃģn bancaria en favor de los mÃĄs vulnerables (Banking revolution for the most vulnerable).

Article excerpt: Trinity Tran, co-founder of Public Bank LA/CA Public Banking Alliance stated that, to achieve the enactment of the California Public Banking Choice Act (AB 1177), also known as CalAccount, they worked with the Council State of the Service Employees International Union (SEIU), Rise Economy, in addition to the support of community groups throughout the state.

The bill created the CalAccount Blue Ribbon Commission, which was formed in September 2022. The commission is responsible for overseeing consultants to complete a market analysis of the CalAccount program, through which the feasibility, need and costs of implementing the CalAccount program.

“That report is already underway, which is why it’s so important to hear people’s stories about unfair banking practices and the harmful impact the current banking system has on communities and working families in Los Angeles [and across the state ],” Tran said.

Testimonials from banking users will help build the case for why it is crucial for California to create the CalAccount banking program and provide free essential banking services to all Californians, regardless of their financial or immigration status.

“This is a historic effort to create the first nationwide state program for universal banking services,” said Trinity Tran.

Trinity Tran, cofundadora de Public Bank LA/CA Public Banking Alliance declarÃģ que, para lograr la promulgaciÃģn de la Ley de OpciÃģn de Banca PÚblica de California (AB 1177), tambiÃĐn conocida como CalAccount, trabajaron con el Consejo Estatal del Sindicato Internacional de Empelados de Servicios (SEIU), Rise Economy, ademÃĄs de contar el apoyo de grupos comunitarios de todo el estado.

El proyecto de ley creÃģ la ComisiÃģn Blue Ribbon de CalAccount, que se formÃģ en septiembre de 2022. Dicha comisiÃģn es responsable de supervisar a los consultores, para completar un anÃĄlisis de mercado del programa CalAccount, a travÃĐs del cual se evaluarÃĄ la viabilidad, la necesidad y los costos de implementar el programa CalAccount.

“Ese informe ya estÃĄ en marcha, por lo que es tan importante escuchar las historias de la gente sobre las prÃĄcticas bancarias injustas y el impacto daÃąino que el sistema bancario actual tiene en las comunidades y familias trabajadoras de Los Ángeles [y de todo el estado]”, dijo Tran.

Los testimonios de los usuarios del sistema bancario ayudarÃĄn a desarrollar el caso sobre el por quÃĐ es crucial que California cree el programa bancario CalAccount y brinde servicios bancarios esenciales gratuitos para todos los californianos, independientemente de su situaciÃģn financiera o migratoria.

“Este es un esfuerzo histÃģrico para crear el primer programa estatal a nivel nacional para servicios bancarios universales”, precisÃģ Trinity Tran.

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CPBA Admin March 10, 2024 0
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CalAccount

CalAccount 2024 State Treasurer Town Halls

 

Join the movement for free banking in California! The State Treasurer’s Office is hosting Town Halls to address the financial services gap affecting low-income Californians. Your voice matters!

FRESNO: Tuesday, Feb 20, 1:00 pm High Burns State Building 2550 Mariposa Mall, Fresno, CA 93721 – Event Flyer 

OAKLAND: Thursday, Feb 22, 1:00 pm Elihu M Harris State Building 1515 Clay Street, Oakland, CA 94612 – Event Flyer

LOS ANGELES: Friday, Feb 23, 1:00 pm Department of Financial Protection and Innovation 320 W 4th Street, Los Angeles, CA 90013 – Event Flyer

Background:  One in four Californians are unbanked or underbanked, meaning they lack access to basic financial services, like checking and savings accounts, that are essential to financial stability. In 2021, California took an important step to ensure that all residents have access to free basic banking services with the passage of AB 1177 which created the CalAccount Blue Ribbon Commission. The Commission and Treasurer’s Office are now tasked with conducting an analysis and the best way to implement the CalAccount program, a fee and penalty-free financial services program. For more information on the CalAccount program and the hundreds of community and labor organizations united to make it a reality, please visit calaccount.com.

Join us to provide testimony and help demonstrate the need for a fee- and penalty-free option for all Californians, regardless of their financial or immigration status. Share your experiences and make a difference!

Don’t miss this opportunity to help close the financial access gap. We look forward to your participation in bringing free banking to all Californians.

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CPBA Admin January 18, 2024 0
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CalAccount

Commission Moves CalAccount Closer to Reality

The CalAccount program is moving forward. The Commission met June 21st and is preparing to contract with a vendor to work with community groups and the Commission to explore what the community needs from the new program and how best to meet their needs.

Workers and community members from KIWA (Korean Immigrant Workers Association), the Fast Food Workers Union, Fight for $15, Indivisible Yolo, and Rise Economy joined other organizations and community members to show support for the CalAccount program.

Read our August 2023 Legislative Briefing.

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CPBA Admin August 18, 2023 0
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CalAccount

Urgent Action to Support Free Banking In California!

CAL
ACCOUNT

Thanks to your support in 2021, we successfully advanced the California Public Banking Option Act (AB 1177) toward implementation. This crucial bill aims to address financial exclusion among unbanked and underbanked Californians. Today, we are reaching out to you to request your support for an important matter.

AB 1177 seeks to establish the CalAccount program that will provide free essential financial services to individuals with limited or no access. Services like check cashing, bill payment, and debit card functionality will be offered by a state-administered bank account to improve financial security for marginalized communities.

We have been closely monitoring the CalAccount program’s progress and are concerned about the lack of transparency and community input in the bidding process to select a firm to conduct the market analysis. On June 21, the CalAccount Blue Ribbon Commission plans to select a contractor for the analysis, but the details and evaluation process have not been shared with the public.

Transparency is vital for building trust and effectively implementing the CalAccount program. We kindly request your support in signing a letter to California State Treasurer Fiona Ma urging a postponement of the contractor selection until community input and transparency are assured. This will allow the most impacted communities to review the process, share their experiences and expertise, and have an opportunity to express concerns.

Your endorsement of CalAccount AB 1177 is invaluable, contributing to a program that serves historically excluded individuals. To be included in our letter, please reply to this email (calpba@gmail.com) with your Name, Title, and Organization by 12pm PST, Tuesday, June 20.  If you prefer your organization to be removed from the endorsers’ list, kindly let us know. For individual supporters, please send us your full name and city.

Letter to CA State Treasurer and CalAccount Commissioners

If you would like to join us at the committee hearing, it will take place at the Paul Bonderson Building, 901 P Street Room 102, Sacramento, CA 95814 at 1:30 pm on Wednesday, June 21. The meeting agenda is here.

Interested members of the public may use this number to call in to listen to and/or comment on items before the Commission. Public Participation Call-In Number: (877) 411-9748 Access Code: 3790012.

Thank you for your ongoing support and commitment to financial inclusion for all Californians.

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CPBA Admin June 16, 2023 0
unbanked
CalAccount

Helping the ‘unbanked’: California mulls entering banking business to serve disadvantaged consumers

In California, 81% of unbanked individuals earn less than $15/hr, hitting low-income families and people of color the hardest.

“We can’t create a stable economy when financially underserved households spend an average of 10% of their take-home pay in fees and interest, just to access their own money and pay bills,” Assemblymember Miguel Santiago said. “Creating a public option for banking and closing the racial wealth gap isn’t only a moral imperative, but it also creates greater financial security for all of our communities.”

This is where our CalAccount bill AB 1177, the CA Public Banking Option Act passed by the legislature in 2021, comes into play. By Summer 2024, a market analysis for the program will be completed, paving the way for a universal debit account for all Californians with zero fees or penalties.

Read the article on CalMatters.

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CPBA Admin March 10, 2023 0
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CalAccount

CalAccount Blue Ribbon Commissioners Confirmed

Great news over the summer! CalAccount, the statewide program to provide free financial services to the unbanked and underbanked, is moving ahead. We officially secured $2.7 million from the state budget to fund the CalAccount market analysis and Blue Ribbon Commission as required by AB 1177, the CA Public Banking Option Act, landmark legislation that we helped pass in 2021. Future funding for the programs will bring that total to over $4 million, as authorized by the State Treasurer and the Governor. Upon approval of the market analysis by the Senate and Assembly Banking committees, California will take another historic step when it rolls out the CalAccount program, making free checking accounts available to all Californians.

The CalAccount Commissioners have been appointed and are set to begin their work! Meet the 9-person board, chaired by State Treasurer Fiona Ma, tasked with determining the scope, feasibility, and costs of the program. The commission will issue a Request for Proposal for consultants to author the market analysis by July 2024, as required by AB 1177.

The first CalAccount commission meeting was held today. View the meeting agenda and stay tuned for the announcement on the second commission hearing.

CalAccount Blue Ribbon CommissionFiona Ma, California State TreasurerClothilde “Cloey” Hewlett, Commissioner of the Department of Financial Protection and InnovationPaulina Gonzalez-Brito, California Reinvestment Coalition, Public Banking AdvocateByron Lopez, SEIU 2015, Employee RepresentativeFather Gregory Boyle, Homeboy Industries, Economic and Racial JusticeMiguel Santana, Weingart Foundation, Consumer RepresentativeJames “Jim” Hicken, Banking ExpertFrank Robinson, Banking ExpertManisha Padi, UC Berkeley, Banking Expert – Academic Institution

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CPBA Admin September 1, 2022 0