Why Credit Unions Support Public Banks

As public bank initiatives are being introduced across the US, Credit Unions are recognizing the added value public banks bring to local and regional economic stability and the support they provide credit unions and community banks in terms of increased liquidity and financial partnerships.  

While credit unions and community banks don’t have the same business mechanisms, they share the same needs as part of the financial architecture of local economies.  Here are some examples of credit unions and other local lenders making the case for how public banks enrich their work and profits.

 

North Dakota Bankers Roundtable discuss benefits of public banks

Walt McRee of the Public Bank Institute moderated a Banker Round-table discussion in North Dakota, home of the oldest public bank in the nation, about the benefits their public bank has brought to the whole banking ecosystem of that state.

Credit Unions Endorse Public Banks in New Mexico

New Mexico’s Alliance for Local Economic Prosperity announced that the Credit Union Association of New Mexico, a statewide trade organization that advocates for credit unions, has formally endorsed a public bank for NM. (see more below). View the Letter of Endorsement.

CEO of Rochester credit union discusses benefits of public banks

Melissa Marquez, founding member of the Rochester Public Banking Coalition, and CEO of Genesee Co-op Federal Credit Union, discusses the benefits of public banks on WXXI in Rochester, NY (see more below)

 

 

 

New Mexico’s Alliance for Local Economic Prosperity announced that the Credit Union Association of New Mexico, a statewide trade organization that advocates for credit unions, has formally endorsed a public bank for NM. This is a key endorsement and bolsters the group’s growing alliance to advance upcoming legislation that will be introduced in 2021.

Could or should Rochester have a publicly-owned bank? As reported by Gino Fanelli for CITY Newspaper, “the idea would have the city take the millions of dollars in tax revenue it currently deposits in big commercial banks and park the money in a city-owned and -operated financial institution that would invest in the local economy by providing inexpensive and accessible financing to city businesses, developers, and would-be homeowners.”