CPBAâs Rick Girling writes in his latest op-ed: public banking advocates stand with the CFPB and against efforts to gut the few safeguards working people have left. Wall Street and billionaire tech moguls are coming for financial protections, but weâre not backing down. Read Rickâs piece in Stansbury Forum:
âSince 2012, consumers have been credited or saved more than $23 billion due to CFPB actions. The CFPB won a suit against Wells Fargo for $3.7 billion for decades of mismanagement of auto loans, mortgages, and deposit accounts harming more than 16 million Americans gaining them justice after suffering fraud. The CFPB recovered $363 million from lenders who scammed service members and veterans by violating the Military Lending Act. The CFPB instituted a rule limiting overdraft fees to $5 instead of the customary $20-35 that banks charge customers who have the least in their accounts, a projected savings of $5 billion to consumers. Unfortunately, Congressional Republicans killed this rule in April allowing banks to go back to charging whatever they want.
Organizations working to democratize finance such as the California Public Banking Alliance, the San Francisco Public Bank Coalition and Americans for Financial Reform strongly support the work of the CFPB. They are also strongly opposed to billionaire tech moguls and bankersâ attempts to defang these effective regulators and consumer advocates.â â Rick Girling, The Stansbury Forum
Our work is featured by world renowned progressive economist Gerald Epstein in his book Busting the Bankers Club: Finance for the Rest of Us! California has been a hub for the public banking movement, inspiring efforts nationwide. From the foreclosure crisis to the fight against Wall Streetâs role in the Dakota Access Pipeline, our roots run deep in people power.
With the passage of our California Public Banking Act bill (AB 857), California became the first state to authorize municipal public banks, turning the vision of keeping public dollars local into law. AB 1177 followed, paving the way for CalAccount and universal fee-free banking access.
The book captures our work:
On Page 259, Epsteinâs book captures our fight: âCalifornia has been a center of the public banking effort in the United States, and its recent successes have inspired public banking activists in other states. These efforts evolved first from the foreclosure crisis following the Great Financial Crisis in 2007-2009, and then received new energy from the grassroots movement advocating for divestment against the Wall Street banks supporting the Dakota Access Pipeline Project. The idea of divestment brought up an important question: where could local governments keep their funds instead? The lack of alternatives to Wall Street banks gave rise to the Public Bank LA initiative, which began a campaign to establish a municipal bank that would be owned by the city of Los Angeles and would manage city funds in the public interest.â
Page 260 â…this momentum was translated into the formation of the California Public Banking Alliance, a coalition of ten public banking grassroots groups across the state. In 2019, this coalition won a great victory: the state of California passed the first municipal banking legislation in the country, AB 857, authorizing the state to charter ten municipal banks over seven years. This victory set in motion actions by public banking organizations in multiple California municipalities and several regions to attempt to establish municipal and regional public banksâĶ
âThis legislation was followed by a second victory, the passage of the Public Banking Option Act (AB 1177), which, according to the California Public Banking Alliance, is âlandmark legislation guaranteeing universal free banking access to all Californiansâ. AB 1177 sets into motion the creation of the CalAccount program guaranteeing all California residents access to basic banking services without fees or penalties. The California Public Banking Option Act addresses the inequities in financial services acutely felt by communities that have been hardest hit by the pandemic and recession, inequalities such as discrimination, predatory lending, and vicious spirals of debt.
âThe passage of these two pieces of legislation has inspired public bank groups in other states. An important lesson from California is that a broad coalition with intensive organization and persistent activity is necessary to pass and implement such legislation over the opposition of the Banker’ Club going up against the inertia of the ideological prejudices and risk aversion characteristics of many key officers in legislatures and state and local bureaucracies.â
San Diego County Board of Supervisors acting Chair Terra Lawson-Remer called for bold local action in Wednesday eveningâs State of the County Address, including the creation of a public bank to finance affordable housing. She stated the need for the County to step up when the federal government falls short in serving residents: âWe can wait, or we can lead.â
Additional press in CBS! San Diego County Board of Supervisors acting Chair Terra Lawson-Remer called on it to take a stronger role in providing for residents, including possibly establishing a public bank to pay for affordable housing, in Wednesday evening’s State of the County Address.
At the Catalyst Convening in Long Beach on March 26, 2025, hosted by the Governorâs Office of Land Use and Climate Innovation (LCI) and the California Strategic Growth Council (SGC), CPBA’s Trinity Tran participated in a funding panel to discuss the California Public Banking Act. Trinity discussed how public banks keep money local, funding climate action and affordable housing, and how a state public bank can address California’s urgent funding needs amid shifting federal priorities.
On the panel were:
Trinity Tran Cofounder and Lead Organizer California Public Banking Alliance
Amar Azucena Cid Deputy Director, Community Investments and Planning California Strategic Growth Council
Geoffrey Ross Director of Government Services Horne LLP
Moderated by: Angie Hacker California Climate & Energy Collaborative CivicWell
The event convened local, regional, and tribal governments, community organizations, and state agencies to address climate, land use, and energy issues, co-create policies, and identify funding opportunities for local solutions.
Rashida Tlaib Highlights Our Public Banking Movement in The Guardian!
Congresswoman Rashida Tlaib and Michael McCarthy give a shout-out to our grassroots public banking movement in The Guardian!
âFrom Los Angeles to New York, for example, there are dozens of grassroots movements across our country building public options for finance. Democratic public banks and public asset managers are not run by a corporate board at the command of profit-driven shareholders lounging on yachts somewhere on the other side of the world. Powered by democratic mandates, they can make investments in renewable energy, affordable housing, community wealth-building, and other institutions that meet peopleâs real needs.â
Catalyst Convening: Local Solutions & Public Banking
At the Catalyst Convening in Long Beach on March 26, 2025, hosted by the Governorâs Office of Land Use and Climate Innovation (LCI) and the California Strategic Growth Council (SGC), CPBA’s Trinity Tran participated in a funding panel to discuss the California Public Banking Act. Trinity discussed how public banks keep money local, funding climate action and affordable housing, and how a state public bank can address California’s urgent funding needs amid shifting federal priorities.
The event convened local, regional, and tribal governments, community organizations, and state agencies to address climate, land use, and energy issues, co-create policies, and identify funding opportunities for local solutions.
The People’s Lobby! Public Banking for California’s Future
It was a packed day, including productive meetings with Senator Monique LimÃģn (DâSanta Barbara) and Assemblymember Mark Gonzalez (DâLos Angeles) as well as meeting with staff from a number of other legislators.
As cities grapple with budget deficits and federal threats to local resources, the time is ripe for public banking to come into being, leveraging public funds to invest in our communities and generate revenue to strengthen community sustainability. Itâs time to mobilize public money for the public good.
With nearly 8 million Californians unbanked or underbanked and federal consumer protections under threat, we need the state to lead on CalAccount, ensuring that basic banking is treated as a right. Considering that many businesses nowadays wonât even take cash payments, a free debit card is a necessity. Stay tuned for the final phase of the CalAccount campaign kickoff!
CPBA Members with Senator Monique Limon and Assemblymember and Majority Whip Mark Gonzalez.
Calling All Banking and Finance Experts!
We’re seeking experts in banking and finance to join our Technical Working Group. We’re addressing challenges related to statewide public banking efforts, including regulatory requirements, alternative structures, capitalization, and more. We’re also exploring the reintroduction of our California State Bank bill.
We’re sharing a helpful resource from our allies at The Democracy Collaborative: TRACKING THE CRISIS â a weekly news round-up covering administrative, legislative, and other actions by the new U.S. Administration, along with responses from legal, social, political, and economic movements.
This round-up serves as a tool to navigate the rapidly shifting political and economic landscape of the United States.
Our volunteer team of advocates from across the state: Sacramento, San Francisco, East Bay, and Los Angeles met with legislators at the Capitol to discuss our progress with building a network of socially and environmentally responsible public banks, and we rallied for CalAccount.
It was a packed day of meetings, including productive discussions with Senator Monique Limon and Assemblymember Mark Gonzalez about our progress.
With municipalities grappling with budget deficits and federal threats to local resources, public banking creates a powerful tool to build local sustainability. By leveraging public funds, we can generate revenue and resources that directly benefit California communities. It’s time to mobilize public revenue to serve the public good!
And with nearly 8 million un/underbanked Californians and threats to consumer protections, we need the state to lead on CalAccount to ensure basic banking is a right accessible to all.
California Public Banking Alliance’s Trinity Tran joins ShelterBox USA for an incredible panel event in honor of International Women’s Day 2025. Featuring Senator Monique Limon, LA Fire Department Captain Sheila Kelliher, and author Mindy Budgor. Moderated by ShelterBox USA’s President Kerri Murray.
Montecito Journal: In the quiet corridors of global progress, a sobering statistic echoes: 134 years. Thatâs how long the 2024 Global Gender Gap Report predicts it will take to reach gender parity worldwide. Itâs a timeline that stretches beyond our lifetimes, a horizon we can glimpse but never reach unless something fundamental changes in our approach.
This is precisely why ShelterBox USAâs annual International Womenâs Day panel carries such weight in 2025. Now established as Santa Barbaraâs longest-running event celebrating this global day, this yearâs gathering transforms the Music Academy of the West into an incubator of ideas centered around the urgent theme, âInvest in Women â Accelerate Action,â and the push for greater progress.
The carefully curated panel brings together women who donât merely discuss change â they embody it. Captain Sheila Kelliher, the first woman to serve as Public Information Officer for Los Angeles County Fire Department, represents the front lines of gender barrier-breaking. Recently seen on the Grammy stage handing âAlbum of the Yearâ to BeyoncÃĐ, Kelliher has navigated the historically male-dominated firefighting profession while establishing a Womenâs Fire Prep Academy, creating pathways for future generations to follow.
Senator Monique LimÃģn offers a complementary perspective from the legislative sphere. As Vice Chair of the Legislative Womenâs Caucus and representative of Californiaâs 21st district, LimÃģn crafts the policies that translate aspiration into structural change, particularly in advancing economic equality through pay equity legislation.
Community activist Trinity Tran brings yet another dimension to the conversation, focusing on economic opportunities for marginalized communities. Her work on the California Public Banking Act exemplifies how expanding access to financial systems can create cascading benefits for women and other underrepresented groups.
Completing the panel, Mindy Budgor â chronicled in her book Warrior Princess about becoming the first female Maasai warrior â now leads an AI-enabled company called Nines that empowers womenâs self-perception, demonstrating how technology can become a tool for changing deeply ingrained narratives.
The significance of this event transcends inspiration. As ShelterBox President Kerri Murray explains, women suffer disproportionately during disasters and conflicts â from higher death rates to significant economic losses and increased gender-based violence. Yet paradoxically, women also prove essential to community recovery efforts after disasters strike.
This duality informs ShelterBoxâs approach: acknowledging womenâs unique vulnerabilities while recognizing their irreplaceable strength in rebuilding shattered communities. The panel serves as both celebration of progress and clear-eyed assessment of work still undone.
For the hundreds expected to attend â many being young women early in their careers seeking mentorship and inspiration â the event promises something beyond platitudes. It offers living proof that the seemingly immovable barriers of gender inequality can indeed be dismantled, one strategic action at a time.
The free community event, sponsored by Twin Hearts: Belle Hahn & Lily Hahn Shining, invites all to register through the ShelterBox USA website and participate in this vital conversation. Because shortening that 134-year timeline requires more than passive observation â it demands collective acceleration.
ShelterBox USAâs International Womenâs Day Panel will take place on Thursday, March 6th, from 5-7 pm at the Music Academy of the West. Visit www.shelterboxusa.org/international-womens-day to RSVP.
Housing California Conference - Public Banking Panel
Join us at the 2025 Housing California Conference March 6th in Sacramento for an important discussion on how public banking can drive affordable housing in cities across the state. CPBAâs Communications Director Rick Girling will be presenting alongside affordable housing experts from San Francisco, the East Bay, and Los Angeles. Thursday, March 6th What’s A Public Bank And How Can It Help Build Affordable Housing? 2:45 PM â 4:00 PM Wouldn’t it be great if cities/counties could invest directly in a bank owned by the community and focused on the public good, rather than keeping their money exclusively with Wall Street banks? They can! Local public bank efforts throughout California are working to make that idea a reality in the East Bay, LA, San Francisco, etc, with affordable housing a major focus of their lending priorities. Join the discussion with public banking and affordable housing experts, including the lead author of the Jain Family Institute and Berggruen Institute report on the Municipal Bank of Los Angeles, and leaders from the California Public Banking Alliance.
Speakers
Elissa Dennis, Community Economics, Executive Director
Rick Girling, California Public Banking Alliance, Director of Communication
Fernando Marti, SF Public Bank Coalition, USF, Cal Poly San Luis Obispo, Architect, Architecture and Housing Policy professor
Public Banking in a Time of Crisis: How to Rebuild Los Angeles
Wildfires in California. Floods in North Carolina. Disaster recovery shouldnât leave cities drowning in debt. But right now, Los Angeles sends $1.4 billion a year in interest payments and banking fees to Wall Street instead of investing in climate resilience, affordable housing, and small businessesâfunding that could keep families housed, help Angelenos rebuild, and restore neighborhoods after $250 billion in wildfire damages. A public bank would change this. The Bank of North Dakota moved $70 million into emergency relief within two weeks of a 1997 flood. Mortgage holders got six-month payment pauses. Imagine if LA and California cities had the same power to fund fire-resistant infrastructure, upgrade power grids, and keep families housedâwithout predatory loans. We already have the legal frameworkâthe Public Banking Act of 2019 made it possible. Now, we need action. Every crisis costs lives and billions of dollars. A public bank means faster recovery, lower costs, and economic power in local hands. Public banking is the tool we need to rebuildâfaster, fairer, and permanently stronger. Read Trinity Tranâs op-ed in Common Dreams: Public Banking in a Time of Crisis: How to Rebuild Los Angeles
Nonprofit Quarterly Highlights Public BankingâCalifornia & Beyond
We started the year off strong with two features in The Nonprofit Quarterly! Check out the trilogy of public banking articles: two from the California movement and the third from New York.
1. Californiaâs push for public banking rewrites local finance. By breaking Wall Streetâs grip, these banks tackle community needs–stabilizing neighborhoods & funding home-grown solutions. The revolution is local. Trinity Tran with the Alliance and Public Bank Los Angeles writes for NPQ. Read the article here.
2. From Public Bank East Bay in NPQ: Why let Wall Street hoard public funds? California’s movement is breaking the âpublic funds, private profitsâ pipeline, creating banks that invest in affordable housing, small businesses & clean energy. Read the piece here.
3. Andy Morrison with Public Bank NYC in NPQ: What does âfinance for the peopleâ look like? Itâs public banks that work for communities, not shareholders. New York is building a future where public dollars fund progress, not Wall Street greed. Read the article here.
California is proving whatâs possible when communities demand a financial system that works for them. These articles capture the vision, the action, and the urgency of this movement. Letâs keep building.
Rebuilding and Resilience: California Needs Public Banks
Our thoughts are with those affected by the wildfires in Southern California, the families displaced, the communities impacted, and everyone still waiting for safety and relief. Los Angeles, we see your resilience in the face of this devastation.
As California faces another catastrophic wildfire season, weâre reminded how vulnerable our state is to natural disasters. Members of the Alliance have experienced the effects of these fires firsthand, making it clear that none of us are exempt from the damage caused by the climate crisis. From the projected $250 billion in damages in LA alone to the thousands of families displaced, the need for real solutions has never been clearer. We need public banks in California to invest directly in wildfire prevention, rebuilding homes and infrastructure, supporting small businesses in their recovery. Instead of local governments issuing expensive bonds, wasting millions in interest payments to Wall Street banks, we can keep public dollars working here, where theyâre needed most. A public bank also gives us the tools to invest in long-term climate resilience: renewable energy, sustainable housing, and infrastructure that can withstand the growing impacts of climate change. This is about more than recovery, itâs about building a California thatâs ready for the challenges ahead. If youâre thinking about starting a public bank in your city or region, take a look at our organizing and technical resources. Letâs join forces to create community-owned banks that truly invest in the people and neighborhoods that need it most. Reach out anytimeâweâd love to hear from you: info@capublicbanking.com.
