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In summary Lawmakers should look hard at both sides of the ledger sheet of a possible public banking option before approving AB 1177. By Kerry Jackson, Special to CalMatters Kerry Jackson is a fellow with the Center for California Reform at the Pacific Research Institute, kerryjacksonPRI@gmail.com. Nearly 200 local and national banks operate more than 6,500 branches in California. But lawmakers believe the state needs one more. A bill in Sacramento establishes a public bank with “a zero-fee, zero-penalty public option for basic financial services.” Assembly Bill 1177, the California Publi...

Banking can be expensive, especially for low-wage workers. A score of California lawmakers has signed on to a new bill designed to offer Golden State households free financial services, taking on the state’s powerful banks at a time when easier access to banking services could help families cope with the economic fallout of the COVID-19 pandemic. If it passes, the California Public Banking Option Act would create BankCal, the first state government program in the nation to offer universal consumer banking, according to financial policy experts. The program would provide no-fee debit cards...

California Tackles Banking Accessibility With New Bill California has a new bill designed to offer households free financial services, taking on the state's powerful banks at a time when easier access to banking services could help families cope with the COVID-19 pandemic. by Margot Roosevelt, Los Angeles Times / April 6, 2021 Banking can be expensive, especially for low-wage workers. A score of  California lawmakers has signed on to a new bill designed to offer Golden State households free financial services, taking on the state's powerful b...