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Sat Apr 1, 2017, 05:00 PM

The Clown King Wants to Gut Protections for Bank Customers. Here's How to Fight Back - MJ



http://www.motherjones.com/politics/2017/03/public-banking-community-private-banks-wall-street-oakland-philadelphia-santa-fe

With Wall Street as greedy as it ever was, and the Trump administration seeking to ditch banking restrictions enacted in 2008 to protect the little people, a handful of cities are considering a do-it-yourself alternative: Public banking is just what it sounds like—financial institutions owned and operated by a government entity. Officials in Philadelphia and Oakland, California, are taking a hard look at the idea, and Santa Fe, New Mexico, has done a feasibility study that concluded a city-run bank would benefit the community, socially and economically. If done right, the report found, the bank would create a "robust local lending climate" and bring in millions of dollars per year in revenue.

From 1910 to 1966, Americans could deposit and borrow small sums at US post offices.
There are already successful public banks in France, Germany, Japan, Switzerland, the United Kingdom, and elsewhere. There's even a robust American model: North Dakota has had a state-run bank for nearly a century. Although created by socialists, the Bank of North Dakota retains ironclad support among the red state's residents, many of whom credit it for helping North Dakota weather the 2008 financial crisis. Moreover, from 1910 to 1966, US post offices operated as de facto public banks where people could deposit and borrow small sums.

Leading the push in Oakland are progressive City Council members Rebecca Kaplan and Dan Kalb. "Public banking can give us a bank that is more responsive to the needs of the community," Kaplan told me, "rather than prioritizing the needs of shareholders who don't live in our community or the needs of corporate profit."

Kaplan says there are two key reasons Oakland should pursue public banking. The first is that it can help low-income people—and especially people of color who may face discrimination at corporate banks—secure loans at a fair rate. "Oakland has long suffered from redlining," Kaplan points out, and for-profit institutions can't necessarily be trusted to refrain from discriminatory tactics.
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Reply The Clown King Wants to Gut Protections for Bank Customers. Here's How to Fight Back - MJ (Original post)
Bill USA Apr 2017 OP
murielm99 Apr 2017 #1
Bill USA Apr 2017 #2
dixiegrrrrl Apr 2017 #3

Response to Bill USA (Original post)

Sat Apr 1, 2017, 05:15 PM

1. There are also credit unions,

owned by the people who bank there.

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Response to murielm99 (Reply #1)

Sat Apr 1, 2017, 05:18 PM

2. I'm a big supporter of CUs.

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Response to murielm99 (Reply #1)

Sat Apr 1, 2017, 06:43 PM

3. Interestingly, the one credit union I qualify for here is worse than my bank

I have used a local community bank since 1993.
About a mile away from the house, favorable deposit/checking accounts.

But, in 2008, I looked at Credit Unions as an option, and have used them when I lived on other states.

The only credit union I was eligible for is 3 hours drive away, had 200.00 balance requirement and 250.00 minimum deposit, checking had fees, etc.

times have changed. I am still with the local bank.

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