Banking for the People
Yesterday, the CalAccount Blue Ribbon Commission convened a regular session meeting to discuss the findings of "Banking for the People: Lessons from California on the Failures of the Banking Status Quo,” a 2022 issue brief by Roosevelt’s Emily DiVito.
“Our banking system creates a damaging, multitiered economy that locks out families who can’t afford to participate and inhibits government policy aimed at helping the most economically vulnerable,” DiVito told the commission, which formed in 2022 to assess the feasibility of California implementing a no-cost, no-fee banking program designed to protect consumers who lack sufficient access to traditional financial institutions.
“[S]urvey results from a diverse sample of California’s banks demonstrate that opt-in-only solutions have left clear coverage gaps that will inevitably always remain without federal, state, and/or local public-interest interventions.”
Read more from DiVito.
|