A people first economy campaign
Keep your money close to home!
There are nearly 90 community-based financial institutions in Michigan. Yet they only hold 20% of total assets. Moving your money to a local financial institution will lead an economy grounded in local ownership, create generational wealth, and build equity.
This September we bring to you a two part mini podcast series on People First Economy's Move Your Money Month. In part one, we invited Derek Peebles from the American Independent Business Alliance to talk about the importance of localism and place-based financial systems.
NPR's The Indicator from Planet Money takes a look at why the #bankblackmovement and why something like banking actually plays a critical role in America's racial disparities.
Community banks are rapidly disappearing in the shadow of federal banking policies that have spurred consolidation and allowed megabanks to dominate through a business model that is primarily extractive in nature.
Since the 2012 study, community banks have proven to be resilient. Relative to noncommunity banks, community banks have had faster growth in return on assets ratios, higher net interest margins, stronger asset quality, and higher loan growth rates. Community banks have continued to demonstrate this strength during the COVID-19 pandemic.
This September we bring to you a two part mini podcast series on People First Economy's Move Your Money Month. In part two, we invited Elissa Sangalli from Northern Initiatives to talk about CDFIs and the work that Northern Initiatives does to make an impact on communities around Michigan and parts of Wisconsin.
It's not surprising that many Americans have received loans in the past year given record low interest rates, but research shows that credit unions tend to lend more than commercial banks during times of crisis. That's because their mission is to support Main Street, unions and the local communities they serve.