Charting a Path to Finacial Inclusion
In California, 46 percent of all Black households, 41 percent of all Latino/x households and 13 percent of Asian and Pacific Islander households are unbanked or underbanked. The financial landscape in California can be transformed through Rise Economy-supported initiatives like State Public Banks, local public banks, and universal consumer banking options. Our work supports greater financial inclusion, economic justice, and a system that works for the people—not just private interests.
Why Public Banking?
Public banks are owned by the people and operate in the public interest, focusing on the needs of local communities rather than maximizing profits for shareholders. This means investing in affordable housing, local infrastructure, green energy projects, and other public priorities that strengthen our communities and ensure economic stability. Public banking options also reduce the need for predatory financial service alternatives such as check cashing and payday lenders.
Our Initiatives
Local Public Banks
We champion efforts to establish public banks in California’s East Bay, a region poised to lead the way in creating financial institutions that directly benefit their local economies.
CalAccount (The California Public Banking Option Act)
CalAccount provides universal banking options for all California residents, ensuring that even the most underserved communities have access to basic financial services. This public option would close the gaps left by traditional banks, offering an inclusive, affordable and accessible alternative.
AB 857 (The California Public Banking Act)
Signed into law in 2019, AB 857 enables cities and counties in California to create their own public banks. We continue to support and advocate for the growth of this framework, pushing for the creation of more public banking institutions statewide.
Public Banks News
Californians Will be Able to Count on CalAccount
The unfortunate reality is unbanked and underbanked families spend more time, money, and resources trying to access financial services. By Aliyah Shaheed, Northern California Organizers Rise Economy organizers testify in
Rise Economy Releases Report Advocating for a California State Public Bank
‘The Case for California's State Public Bank’ calls on policymakers to implement California's first state public bank, highlighting its potential to promote financial inclusion. For Immediate Release Media Contact: Brian
Rise Economy, Advocates Voice Support for CalAccount
CalAccount Blue Ribbon Commission hears from communities from across the state. Organized labor leaders and consumer financial advocates from across the state voiced their support for equitable banking services and
Rise Economy Responds to the Release of the CFPB’s New Overdraft Rule Proposal
In response to the new overdraft rule released today by the Consumer Financial Protection Bureau (CFPB), which aims to restore balance between American families and big financial institutions and prevent
