This measure created a Banking Development District (BDD) program to encourage banks to locate in underserved communities and help unbanked Californians establish bank accounts, build credit, and enter the financial mainstream. BDDs are a proven way of connecting lower-income unbanked Californians with the financial products and services they need to enter the financial mainstream and begin to build savings and assets. The program is modeled after New York State’s successful Banking Development District program. 

A similar program was recently launched in Los Angeles. Find out more about that ordinance in our press release, posted here. See our Increase Access to Banking Services & Financial Education page for more work in this area.

Status:
This bill was held in Senate committee. The original bill text is available to the right under 'Related Files.'