SACRAMENTO, Calif. — As industry leaders gather in Washington today for this year's Governmental Affairs Conference, California credit unions are already hard at work on Governor Schwarzenegger's new Bank on California initiative.
FDIC Community Affairs Officer Michael Frias is "on loan" to the Golden State for two years to develop the program, said Ron Fong, director of state government affairs for the California Credit Union League. Fong met with Frias shortly after the program was announced in late January to offer credit union muscle for a statewide effort to increase participation in mainstream financial services.
Fong, Frias and representatives from three credit unions then met in Oakland February 28 to brainstorm strategies that would appeal to East Bay residents, where an abnormally large percentage of consumers are classified as unbanked.
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