Assembly Bill 857, which took effect on January 1, 2020, creates a process for a local agency to establish a public bank, subject to specific requirements. Among other things, the bill requires a public bank to obtain a certificate of authorization to transact business as a bank from the Department of Financial Protection and Innovation (DFPI) and to obtain Federal Deposit Insurance Corporation (FDIC) insurance.
A public bank may engage in banking activities, including infrastructure lending, wholesale lending, participation lending, and certain retail activities. A public bank may not compete with local financial institutions or engage in certain retail activities without partnering with a local financial institution.
The DFPI is prohibited by law from licensing more than two public banks per calendar year and more than ten public banks in total.
Laws & Regulations
Publications
Forms
Notice to Individual – Use of Information
- DFPI 02 – Personal Financial Statement (PDF)
- DFPI 03 – Confidential Resume (PDF)
- DFPI 10 – Application for Authority to Organize Bank (PDF)
- DFPI 25 – Uniform California Application/Notice (PDF)
- DFPI 88 – Application for Approval to Act as Approved Depository (PDF)
- DFPI 93 – Appt for Approval for Withdrawal/Release of Eligible Asset (PDF)
- DFPI 379 – Written Consent Form (PDF)
- DFPI 507C – Call Report Certification Page for State Chartered Banks
- DFPI 550 – Emergency Contact Person Information (PDF)
- DFPI 700 – Application for Authorization to Invest in Corporation (PDF)
- DFPI 704 – Agreement to Comply with Regulations (PDF)
- DFPI 706 – Appointment of Commissioner of the Department of Financial Protection and Innovation as Agent for Service of Process (PDF)
- DFPI 8016 – Request for Live Scan Service and Live Scan Process Instruction Form (PDF)
- FDIC 3064-0006 – Interagency Biographical and Financial Report Form and Instructions (PDF)
- FDIC 3064-0006 – Department of Financial Protection and Innovation Supplemental Instructions (PDF)
- Translated Residential Mortgage Loan Forms and Pre-Foreclosure Notices
How to reach us:
Department of Financial Protection and Innovation
Division of Corporations and Financial Institutions
One Sansome Street, Suite 600
San Francisco, CA 94104-4428
Phone: (415) 263-8500
Fax: (415) 288-8830
Email: [email protected]