This measure will incentivize banks to locate in underserved communities and develop more robust products for low-income consumers by creating banking development districts. This bill would create a Banking Development District Program within the Treasurer’s office, which would encourage the establishment of banking branches in specially designated geographic locations where there is a demonstrated need for banking services.

To learn more about Banking Development Districts, and how they can help California communities spur investment and California workers build savings and economic security, read our policy brief.

Status:
This bill was introduced February 19, 2010. It cleared Assembly Policy Committees on April 20, was passed by the Assembly on June 2, and was passed by the Legislature on August 23. AB 2581 was vetoed by Governor Schwarzenegger on September 30, 2010 . Final bill text is attached at right under 'Related Files.'