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 Treasurer Clothilde “Cloey” Hewlett, Commissioner of the Department of Financial Protection and Innovation Paulina Gonzalez-Brito, California Reinvestment Coalition, Public Banking Advocate Byron Lopez, SEIU 2015, Employee Representative Father Gregory Boyle, Homeboy Industries, Economic and Racial Justice Miguel Santana, Weingart Foundation, Consumer Representative James “Jim” Hicken, Banking Expert Frank Robinson, Banking Expert Manisha Padi, UC Berkeley, Banking Expert – Academic Institution