SACRAMENTO, Calif. (1/14/13)--Credit unions so far outnumber banks as participants of Bank on California, a voluntary collaborative initiative in eight communities to provide unbanked households access to mainstream financial products and services.
Seven credit unions are participating, compared with six banks, according to Teveia R. Barnes, commissioner of the California Department of Financial Institutions (DFI), which is administering the initiative (Monthly Bulletin
Jan. 11). DFI is the regulator for state-chartered credit unions and banks.
The credit unions participating include:
- The Golden 1 CU, Sacramento;
- Orange County's CU, Santa Ana;
- Patelco CU, Pleasanton;
- Redwood CU, Santa Rosa;
- SAFE CU, North Highlands;
- Schools Financial CU, Sacramento; and
- Travis CU, Vacaville.
Unbanked consumers in the state will have access to no- and low-cost checking and savings accounts and to financial education through the credit unions' participation.
Much of the state's population comes from countries where bank deposits are uninsured and there is little opportunity to have a banking relationship, said Barnes.