July 2, 2024
Mayor's Office
DATE: July 2, 2024
TO: Members of the City Council
FROM:
Mayor Eduardo Martinez
Subject:
Appointment of Richmond representative for Public Bank
East Bay
FINANCIAL IMPACT: N/A
PREVIOUS COUNCIL
ACTION:
On April 19, 2022, Councilmember McLaughlin was
appointed as the City of Richmond’s representative to the Board of Directors of the future bank.
STATEMENT OF THE
ISSUE:
Mayor Martinez has agreed to be the representative from Richmond replacing Councilmember McLaughlin, and he
will keep the City Council updated on progress as the
bank continues to move forward.
RECOMMENDED ACTION:
APPOINT Mayor Eduardo Martinez as the Richmond
representative to the Public Bank of the East Bay —
Mayor's Office (Mayor Eduardo Martinez 510-620-6503).
DISCUSSION:
The City of Richmond has agreed to be a founding member of the Public Bank of the East Bay (PBEB) and is currently represented by Councilmember Gayle McLaughlin as Richmond’s appointed representative to the board. Councilmember McLaughlin has AGENDA
REPORT
July 2, 2024
been attending meetings over the past two years, as plans have been undertaken to create and submit the business plan to the proper regulatory agencies: Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation (DFPI). City staff have been involved in the business plan process as well.
One of the necessary steps to finalize the Public Bank board is to schedule training for all board candidates. Those trainings will begin this summer and continue into the fall.
They will take place online through videoconferencing. The scheduling for the bank board trainings will take place at the convenience of the candidates.
Mayor Martinez has agreed to be the representative from Richmond replacing Councilmember McLaughlin, and he will keep the City Council updated on progress as the bank continues to move forward.