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California Launches CalMoneySmart Program Based on Bradford Bill

The California Department of Business Oversight (DBO) announced the launch of CalMoneySmart.

This $4 million grant program was set in motion by SB 455, introduced by Senator Steven Bradford (D-Gardena) in 2019, which created the California Financial Empowerment Fund to remove financial barriers and improve monetary security.

“Too many Californians are forced to turn to high-cost products and services to meet their financial needs in an emergency,” said Senator Bradford.

SB 455 (Bradford, 2019) empowered the Department of Business Oversight (DBO) to direct necessary funds to nonprofit organizations that offer responsible financial products and services to underserved Californians.

Specifically, SB 455 created the California Financial Empowerment Fund (FEF) and authorized the Commissioner of Business Oversight to award grants of up to $100,000 to non-profit organizations that offer financial education, financial coaching, products, and/or services to un- and underbanked individuals free of charge.
Source: La Focus Newspaper

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