California AB2243 establishes a State Bank Commission to develop a plan for a state-owned depository bank.

California AB2243 creates the State Bank Commission to develop a state bank plan. The plan must include capitalization options, state guarantee of public deposits, backstop mechanisms for loans, and a five-year business plan. The commission will hold public hearings and vote on the plan. The Commissioner of Financial Protection and Innovation must study public banking in California after issuing the 10th public bank license. The act also limits the number of public bank licenses issued annually.

California AB2243 establishes a State Bank Commission to develop a plan for a state-owned depository bank.

California AB2243 creates the State Bank Commission to develop a state bank plan. The plan must include capitalization options, state guarantee of public deposits, backstop mechanisms for loans, and a five-year business plan. The commission will hold public hearings and vote on the plan. The Commissioner of Financial Protection and Innovation must study public banking in California after issuing the 10th public bank license. The act also limits the number of public bank licenses issued annually.