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How State Banks Bring the Money Home

Date: 15 Sep 2011 | posted in: Banking | 1 Facebooktwitterredditmail

One of the most significant consequences of the consolidation of banking over the last decade is how much it has hindered the economy’s ability to create jobs. There’s no single solution to this problem, but one of the most promising strategies involves creating state-owned banks that can bolster the lending capacity of local banks, helping them grow and multiply.… Read More

Credit Unions Hang Tough, See Surge in Deposits

Date: 22 Jun 2010 | posted in: Banking | 0 Facebooktwitterredditmail

In the perilous aftermath of one of the worst financial disasters in U.S. history, one might expect credit unions — which, after all, are mostly tiny by the standards of the banking industry and operated on a cooperative, not-for-profit basis — to be struggling. But data from the last 18 months show that the country’s 7,600 credit unions are in fact outperforming big banks and rapidly expanding their market share. … Read More

Five Reasons the Carper Amendment Must Be Defeated

Date: 18 May 2010 | posted in: Banking | 0 Facebooktwitterredditmail

One of the more menacing amendments circling the financial reform bill is a proposal by Senator Tom Carper (D-DE) that would bar states from enforcing consumer protection laws against national banks and would make it easier for banks to claim immunity from state laws they don’t like.… Read More

Finally, a Bill to Reinstate Limits on Bank Size

Date: 24 Mar 2010 | posted in: Banking | 0 Facebooktwitterredditmail

Not one to let a good crisis go to waste, Bank of America managed, in the dark days of 2008, to parlay its own insolvency and near collapse into attaining something it had long dreamed of: federal approval to bypass a national law that says that no bank may acquire another bank if it would end up holding more than 10 percent of the country’s deposits.

Now, at long last, a new Senate proposal calls for reinstating strict size caps.  It would mean disassembling at least five big banks.

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Big Banks Want You Back

Date: 11 Mar 2010 | posted in: Banking | 0 Facebooktwitterredditmail

Those who wonder whether public anger at big banks and the Move Your Money sentiment sweeping the country is substantial enough to impact these giants need only look at the banks’ own marketing over the last few weeks to see the proof. … Read More

Move Your Money and Save

Date: 22 Feb 2010 | posted in: Banking | 1 Facebooktwitterredditmail

The biggest banks impose much higher fees on their customers than small financial institutions do. This is exactly the opposite of what was promised in 1994 and again in 1999, when Congress dismantled laws that had long restricted the size and scope of banks, ushering in a wave of mergers that left the industry dominated by a few financial giants. … Read More

Why Small Banks Make More Small Business Loans

Date: 10 Feb 2010 | posted in: Banking, Retail | 5 Facebooktwitterredditmail

Although small and mid-sized banks control only 22 percent of all bank assets, they account for 54 percent of small business lending. Big banks, meanwhile, allocate relatively little of their resources to small businesses. The largest 20 banks, which now command 57 percent of all bank assets, devote only 18 percent of their commercial loan portfolios to small business. … Read More

Move Your Borrowing Along with Your Money

Date: 29 Jan 2010 | posted in: Banking | 0 Facebooktwitterredditmail

As we start down the path of breaking up with the big banks and defending our own economic interests and that of our communities, we should think about the whole range of financial services we use. We need to give thought to both the saving and lending sides of a bank. Each is crucial. On the savings side, community-based financial institutions need our deposits much more than the big banks do. But to be profitable community banks need to convert those deposits into loans. … Read More

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