CA Event: Banking the Unbanked

Bringing Californians Into the Financial Mainstream

Currently, too many Californians are disconnected from the financial mainstream. While national estimates show that 10 percent of households, including nearly one-quarter of the minority population, are "un-banked," meaning they lack a basic checking or savings account, 28 percent of California's adults do not have a checking or savings account. Recent market research indicates that Fresno and Los Angeles have the highest and third highest percentages of un-banked residents in the country respectively. Compounding the situation is the nearly 60 percent of California's lower income neighborhoods that do not have a bank or a credit union, according to analyses done by the Brookings Institution. Others may have bank branches that lack products and services that meet local consumers' needs.

On Tuesday, March 26th, Anne Stuhldreher, a senior policy advisor in the Office of Governor Arnold Schwarzenegger will discuss what it means to be "un-banked" and why it is a problem for California in particular. She will also provide an overview of Bank on California, which is modeled after Bank on San Francisco, headed by San Francisco City Treasurer José Cisneros. Cisneros will describe the ground-breaking initiative that successfully brought tens of thousands of local un-banked residents into the financial mainstream.

Inspired by the success in San Francisco, Governor Arnold Schwarzenegger recently announced he would launch a Bank on California initiative to connect lower income un-banked Californians with the financial products and services they need to begin climbing up the economic ladder.

This event is co-hosted by the New America Foundation, the Assets Policy Initiative of California, the California Research Bureau, and in association with Assemblymember Ted Lieu (D-Torrance).

If you have questions, call or email Claudie Kiti Bustamante at (916) 448-5189 or bustamante@newamerica.net.

 

Location

Library and Courts Building I
914 Capitol Mall Room 500
Sacramento, CA, 95814
See map: Google Maps

Participants

  • Jose Cisneros
    Treasurer
    City & County of San Francisco
  • Anne Stuhldreher
    Senior Policy Advisor
    Office of Governor Arnold Schwarzenegger
  • Olivia Calderon
    California Legislative Director, Asset Building Program
    New America Foundation

Event Time and Location

Wednesday, March 26, 2008 - 1:00pm - 2:30pm