Shop local is a popular topic here, but this week I’ve watched a new trend pop up: bank local.
Move Your Money is encouraging people to shift their money to locally owned banks. The site includes bank rankings by Institutional Risk Analytics. All of my local banks scored B+ or higher.
The project was dreamed up at a pre-Christmas dinner party of political activists. And the campaign is seemingly everywhere. It has spread by social networks, and while I was in Dallas this week, I saw it on the local news.
Your local banks are important your community. The people who work there volunteer in your community. You see them in the homecoming parade. (When was the last time you saw your international mega-bank in your small town parade?)
Jack Schultz has reminded us that “too big to fail” should come with additional capital reserve requirements. I listen to Jack on banking issues because he serves on his local bank’s board of directors. He also points out, in an Sept 30, 2008 issue of the AgUrban newsletter, that the big problem for local banks is the huge burden of regulation that is out-scale for small banks. Also read the Nov. 18, 2008 issue, and the reader reactions in the Oct. 7, 2008 issue.
So, what’s your take on the bank local initiative?
- Best practices for rural housing - July 19, 2021
- How to be more open to new ideas #IdeaFriendly - July 3, 2021
- Market your small town as a movie filming location, attract movie and game fan tourists - June 28, 2021
- Survey of Rural Challenges 2021 results, analysis of themes from 2015 through today - June 7, 2021
- What makes a small town a micropolitan or nanopolitan? - May 22, 2021
- Improving Rural Housing: turning blighted dilapidated houses into new homes - May 7, 2021
- Are marijuana shops good or bad for small towns? - April 22, 2021
- Downtown is your town’s core: How to make your case - February 22, 2021
- Zoom Towns: attracting and supporting remote workers in rural small towns - December 10, 2020
- In an economic crisis, spend your brainpower before your dollars - November 25, 2020