DATE: August 21, 2024
TO: Council Budget and Finance Committee
FROM: Director of Finance
SUBJECT
Public Bank East Bay Update
RECOMMENDATION
That the Committee receives and provides feedback on the City’s continued participation in the Public Bank East Bay, including the consideration of future financial commitment to becoming a founding member of the bank.
SUMMARY
For a number of years, the City of Hayward has engaged with the Public Bank East Bay (PBEB) as it continued toward establishing a public bank in California. The passage of AB 857, the California Public Banking Act, provided a pathway for local government entities to charter public banks. Since that time, the Public Bank East Bay has engaged with several local agencies to gain support for the creation of a public bank in California. This report provides an update on the PBEB and projected next steps for the continued establishment of the public bank, including applying to the State of California’s Department of Financial Protection and Innovation (State) and Federal Deposit Insurance Corporation (FDIC).
ATTACHMENTS
Attachment I Staff Report