AB 1247: Consumer savings accounts.
- Session Year: 2023-2024
- House: Assembly
- Latest Version Date: 2023-03-23
Current Status:
Failed
(2024-02-01: From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Enacted
Existing law establishes various agencies and programs for the purpose of protecting consumers. safeguarding consumer financial protections. Existing law establishes the Department of Financial Protection and Innovation within the Business, Consumer Services, and Housing Agency and places the department under the direction of the Commissioner of Financial Protection and Innovation. Under existing law, the department has charge of the execution of specified laws relating to various financial institutions and financial products and services. Existing law, the California Public Banking Option Act, requires the Treasurer to convene the CalAccount Blue Ribbon Commission, as specified, and requires the commission to conduct, by contracting with one or more entities with appropriate expertise, and deliver, as prescribed, a market analysis to determine if it is feasible to implement a CalAccount Program, which, if implemented, would have certain characteristics, including that it would be a program established by the state for the purpose of protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives.
This bill would enact The California Emergency Savings Account Option Act. The bill would require the Treasurer to convene, on or before September 1, 2024, the Emergency Savings Account Commission to be composed of certain members, including the Commissioner of Financial Protection and Innovation and the Treasurer or their respective designees. The bill would require the commission to conduct, on or before July 1, 2026, by contracting with one or more entities with appropriate expertise, and deliver, an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, as specified. The bill would condition the implementation of these provisions on an appropriation by the Legislature for this express purpose and would repeal the bills provisions on January 1, 2032.
Discussed in Hearing
5MIN