January 24, 2008
Bank on California: Helping Californians Achieve Financial Mobility
Gov. Arnold Schwarzenegger today announced the launching of the "Bank on California" initiative. In a press release titled, Governor Schwarzenegger to Launch Campaign for More Working Families to Open Bank Accounts - "Bank on California" Helps Californians Achieve Financial Mobility, the Governor stated that California will be the first state in the nation to launch an effort to help working Californians without bank accounts open starter accounts. The new initiative will help more low- and middle-income Californians establish savings, build a credit history, gain access to lower-cost sources of credit and invest for the future.
"Bank on California" will be a collaborative voluntary initiative with the help of financial institutions, city mayors, federal regulatory agencies, and community groups.
Additional information is provided in the attached document.