"As lawmakers, we pass laws restricting lending practices to ensure our vulnerable populations do not become financial victims of predatory practices," said Senator Chang. "But consumer protection is not enough when one of every four households is either unbanked or underbanked. This bill provides real resources to hardworking families struggling to live paycheck to paycheck. Let's replace consumers' quick fixes with real solutions."
SB 455 would provide up to $1 million annually to support financial education and financial empowerment programs to unbanked and underbanked Californians, and includes a four-year sunset date. The bill will now be considered by the Governor.
Support for the legislation includes the Mission Asset Fund and UnidosUS.
Senator Chang is the Vice-Chair of the Senate Banking and Financial Institutions Committee. Earlier this year she played a key role in the passage of historic legislation to cap predatory lending.