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.