AB 385, as introduced, Dickinson. Bank on California program.
Existing law provides for the formation and regulation of state-organized banks and state-certified credit unions by the Department of Financial Institutions. The Governor’s Reorganization Plan No. 2 of 2012 provides that, on and after July 1, 2013, the responsibilities of the Department of Financial Institutions and the Commissioner of Financial Institutions shall be transferred to the Department of Business Oversight and the Commissioner of Business Oversight.
This bill would establish the Bank on California Program in the Department of Business Oversight. The bill would require the commissioner to report annually to specified committees of the Legislature on the activities of the program.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Division 23 (commencing with Section 80000)
2is added to the Financial Code, to read:
(a) The Legislature finds and declares that “Bank on
4California” is a voluntary collaborative initiative that assists
5Californians in opening a bank or credit union account and saving
6for the future.
7(b) There is hereby established in the department the Bank on
8California Program.
For purposes of this division, the following terms have
10the following meanings:
11(a) “Department” means the Department of Business Oversight.
12(b) “Program” means the Bank on California Program.
Commencing in 2014, the department shall provide the
14respective chairpersons of the Senate Committee on Banking and
15Financial Institutions and the Assembly Committee on Banking
16and Finance with a brief annual summary on the activities of the
17program. The summary shall be submitted no later than August
1830 of each year.
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