AB 857 has passed!

October 2019 – AB 857 has passed! Now governmental entities can apply for a public banking license through the Department of Business Oversight. The bill allows for the creation of 10 banks in seven years, with at most two banks a year created.

LA, Oakland, and SF are all gearing up to create their banks! Here in Santa Cruz, we are working to be in the second wave of banks created and are considering what the best path forward is. Check out this recording from the May 31 , 2020 webinar