Ask your local credit union to support AB 857 the Public Banking Act!

Public banking friends,

If you have divested your own finances by moving your money into a credit union, we need you. Call or email your credit union’s Branch Manager or CEO and ask for a meeting to discuss support for AB 857, legislation in the California Assembly enabling municipalities to set up public banks.

You can contact us to arrange for one of our public banking experts or CPBA Legislative team members to attend the meeting with you, either by phone or in person!  

We are very close to passing AB 857.

Support from credit unions will push us over the top!

When you talk with your credit union, explain that there is much in this legislation to benefit Credit Unions:

• Public banks will partner with credit unions - to rebuild after natural disasters and to invest their public deposits in fiscally, socially and environmentally responsible activities like affordable housing, renewable energy, small businesses, land trusts, cooperatively-owned enterprises, local infrastructure including roads, parks and schools and banking the unbanked.
  

• AB 857 prohibits public banks from providing competing retail banking services.
  
  
• Public banks will help credit unions survive and thrive. In North Dakota where the Bank of North Dakota, a public bank, is celebrating its centennial, there are more banks and credit unions per capita than any other state. 
  
  
• Supporters of public banking are also supporters of credit unions. We have deposited our funds where we believe they will do the greatest good. We have also written letters of support for credit unions when there was important legislation needed to protect their federal tax-exempt status.
  
  
• Credit Unions have no shareholders and put their members first. We joined our credit unions because we believe that banks should be accountable to their members, not to distant shareholders focused on maximizing profits. Public banks under AB 857 have no shareholders and are accountable to the public.
  
  
• Public Banks enable local government to assure funds paid in taxes, fees, and fines are kept locally. Public banks support credit unions by participating in partnership loans, purchasing their mortgages and cooperating in other ways that make more capital available to credit unions for local investments. 
  

Say how much you appreciate your credit union and how you would love if they support efforts throughout the state to pass AB 857 enabling the Department of Business Oversight (DBO) to charter public banks provided they meet strict fiduciary standards demanded of banking institutions. 

Email your credit union using the template below and attach the PDF document so they can easily add their name to the Public Banking Act's endorsers list to show support for their community.

Template Email to Credit Union Branch Manager or CEO

Public Banks Supports Credit Unions PDF

Reach out to us at: calpba@gmail.com if you have questions.

Thank you for your support!