Western Banker July/August 2022

$120 million by the third year of ex istence. By the end of a decade, the original investment will result in over $250 million in assets, and almost $400 million in loans made. San Francisco and the East Bay col laborative, in addition to the City of Los Angeles, are rushing to submit applications for approval to the De partment of Financial Protection and Innovation, which is not permitted to grant licenses after seven years from the date of published regulations. Finally, Governor Newsom has proposed $4 million in funding for CalAccounts, a state financial insti tution that will offer fee-free deposit transaction accounts. Last year, the legislature approved AB 1177 which creates a blue-ribbon task force to

San Francisco and the East Bay collaborative, in addition to the City of Los Angeles, are rushing to submit applications for approval to the Department of Financial Protection and Innovation.

examine the unbanked population and requires an analysis of existing private sector solutions, and the risk and cost of those private sector so lutions in comparison to the CalAc counts proposal. Jason Lane is vice president and deputy director of government relations for the California Bankers Association and manages California state tax policy

for the association, which involves analyzing legislation and regulatory activity, and the development of policy positions for the association. Lane is one of three lobbyists at CBA and, in addition to his

primary focus on taxation, he also lobbies on be half of the association on issues related to the state budget, and consumer lending legislation.

Older Americans lose billions annually to financial abuse and fraud Protect the seniors in your community.

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WesternBanker | Issue 4 2022