Teveia Barnes, the commissioner of the California Department of Financial Institutions, saluted financial institutions in California that are offering banking services for free to people who are in unbanked households in the department?s Bank on California program.
Teveia Barnes, the commissioner of the California Department of Financial Institutions, saluted financial institutions in California that are offering banking services for free to people who are in unbanked households in the department?s Bank on California program.
Barnes, in her most recent regulatory newsletter, points out that California is a very mixed state with a minority majority population.
?With this comes opportunities and challenges for financial institutions in California,? she said in a news release.
Bank On California is a voluntary initiative offers unbanked households access to mainstream financial products, such as no- and low-cost checking and savings accounts as well as access to financial education.
Three of the 13 institutions participating in Bank on California are credit unions based in the Sacramento area: The Golden 1 Credit Union, SAFE Credit Union and Schools Financial Credit Union.
Nearly all of the institutions have operations in the Sacramento market, including Bank of the West, Cathay Bank, East West Bank, Patelco Credit Union and Travis Credit Union.
The remaining institutions in the program are United Security Bank, Orange County?s Credit Union, Pan American Bank, Redwood Credit Union and Security First Bank.
?The bottom line is that each financial institution needs to look at its community and determine how best to serve that community and its customers and members,? she said. ?My vision is to promote the public?s trust and confidence in the financial system by ensuring the safety and soundness of the state?s chartered and regulated institutions.?
Mark Anderson covers technology, banking, finance, restaurants and tourism for the Sacramento Business Journal.
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