Bank of America

Just how dysfunctional is California’s unemployment department? Apparently so dysfunctional that Bank of America, which since 2010 has had an exclusive contract with the state to deliver unemployment benefits through prepaid debit cards, wants to end the contract — even though the Employment Development Department just renewed it for another two years. The news, first […]

A bill aims to create new rules for California's mostly unregulated debt settlement industry. AB 1405, expected to pass through Senate committees, comes at a time when the industry expects to see a 75% increase in account enrollment.

Low-income communities have borne the brunt of systemic racism in our financial institutions – a public bank can help change that.

The state’s unemployment agency has signed $236 million in private contracts as jobless workers await benefits. EDD says it needs the outside help.

The state went deep into debt to keep jobless benefits flowing during the pandemic. And if it doesn’t fix its $48 billion unemployment problem, that could derail COVID-19 recovery.

On March 19, 2020 Gov. Gavin Newsom announced a statewide shelter-in-place order. In response to an unprecedented public health threat, it was an equally unprecedented shuttering of day-to-day life. “This is not a permanent state,” Newsom assured us at the time. “This is a moment in time. And we will meet this moment together.” On […]

Thousands of out-of-work Californians are struggling through the most severe job crisis on record as the state tries to account for up to $31 billion in benefits lost to fraud. Here’s what went wrong — and what might come next.

Good morning, California. It’s Thursday, February 4. SF sues itself New lines have been drawn in the sand of California’s school reopening battle. Gov. Gavin Newsom at a Wednesday press conference said he believes schools can safely reopen before all teachers have received the COVID-19 vaccine — a stance that puts him at odds with […]

State records obtained by CalMatters show that the employment agency made $22.5 million on unemployment debit card fees as the pandemic ravaged the job market, but it failed to track how much Bank of America earned off a debit card contract during the spike in benefits. Lawmakers are asking questions about the revenue-sharing deal as workers still missing money fight to survive.

Los registros estatales obtenidos por CalMatters muestran que la agencia de empleo ganó $22.5 millones en tarifas de tarjetas de débito de desempleo cuando la pandemia devastó el mercado laboral, pero no pudo rastrear cuánto ganó Bank of America con un contrato de tarjeta de débito durante el aumento en los beneficios. Los legisladores están haciendo preguntas sobre el acuerdo de reparto de ingresos mientras los trabajadores aún sin dinero luchan por sobrevivir.