JOIN US FOR THE AB 1177 ADVOCATES’ BRIEFING. Join us for a briefing call and learn more about this crucial new bill to help close the racial financial access gap.
Advocates’ briefing invite and Zoom registration link.
Nearly 1 in 4 Californians are unbanked or underbanked – they either do not have a baank account, or despite having a bank account, still largely rely on alternative financial services, such as payday lenders, prepaid debit cards, and pawn shops. The unbanked and underbanked pay more for their financial services, have fewer opportunities to build credit, and are rejected for loans more often.
Low-wage workers earning less than $15 per hour make up 80.7% of the state’s unbanked. Nearly half of all Black households in California and 41% of all Latino households are unbanked or underbanked compared to 15.5% of white households.
AB 1177 – the California Public Banking Option Acct – will provide Californians with a no-cost banking option. This bill creates the BankCal program, allowing Californians to open a no-fee, no-penalty account with an associated debit card.
Join the fight for equitable banking access with the 3 action items above!
UPDATED AUTHORS LIST!
Authors: Assemblymembers Miguel Santiago, David Chiu, Mike Gipson, Ash Kalra, Alex Lee, Wendy Carrillo, Eduardo Garcia, Lorena Gonzalez.
Coauthors: Assemblymembers Rob Bonta, Laura Friedman, Luz Rivas, Reggie Jones-Sawyer, Phil Ting, Buffy Wicks, Senators Maria Elana Durazo, Ben Hueso, Lena Gonzalez, Scott Wiener.
Sponsors: Service Employees International Union (SEIU) CA, California Public Banking Alliance (CPBA), California Reinvestment Coalition (CRC).
Learn more at bankcalnow.com.
SAVE THE DATE!
We will hold a press conference March 30 with SEIU California to officially launch AB 1177, the California Public Banking Option Act. Details soon!