Study of unbanked and underbanked populations: Bank on California program.

(1) The Financial Institutions Law regulates the activities of various financial entities, including commercial banks, industrial banks, trust companies, credit unions, and savings and loan associations. Existing law establishes the Department of Business Oversight, which is responsible for the administration and enforcement of the Financial Institutions Law. This bill would require the Department of Business Oversight to conduct a comprehensive study of unbanked and underbanked populations, replicating the methodology and topics contained in the most recently available Federal Deposit Insurance Corporation (FDIC) National Survey of Unbanked and Underbanked Households, but focusing on at least 6 regions within the state not studied in that survey. The bill would require the study to include, among other components, information on the particular banking habits of the demographic populations within this state and recommendations on products and services that, if made available, would be helpful to unbanked and underserved populations. The bill would require the department, on or before January 1, 2021, to post a report of its findings on its Internet Web site. (2) Existing law establishes the Bank on California program within the Department of Business Oversight as a voluntary collaborative initiative that assists Californians in opening bank or credit union accounts. Existing law requires the department to report annually to specified committees of the Legislature on the activities of the program. This bill would instead require the State Treasurer to administer the Bank on California program and submit the specified annual report on the activities of the program.