CalAccount Market Feasibility Study

The CalAccount Blue Ribbon Commission is codified in Title 21.1 (commencing with Section 100100) of the Government Code (Assembly Bill 1177 (Chapter 451, Statutes of 2021)) to include nine commissioners, with the Treasurer serving as chair of the Commission. In addition to the chair, the Commission also includes the Commissioner of the Department of Financial Protection and Innovation, two appointees by the Senate Committee on Rules, two appointees by the Speaker of the Assembly, and three appointees by the Governor.

The CalAccount Blue Ribbon Commission is directed to conduct and deliver a market analysis no later than July 1, 2024, to determine if it is feasible for the state to implement a CalAccount program, which, among other specified characteristics detailed in Title 21.1, would be designed to protect consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives, and to offer state residents access to a voluntary, zero-fee, zero-penalty, federally insured transaction account, and related payment services, including robust and geographically diverse mechanisms for accessing account funds and account management tools that facilitate the automation of basic financial transactions designed to serve the needs of individuals with low or fluctuating income.

Announcements

CalAccount Feasibility Study - Letter Response

CalAccount Market Study and Feasibility Assessment - Written Public Comment

July CBRC Meeting and Public Hearing

Public Comment — Written Testimonies

Los Angeles Public Hearing – Meeting Recording

Oakland Public Hearing – Meeting Recording

Fresno Public Hearing – Meeting Recording

CalAccount Market Study and Feasibility Report – Requests for Proposals

CalAccount Market Study and Feasibility Report – Notice of Intent to Award