DC Public Banking

On February 25, 2016 American University hosted a stimulating panel discussion on a new book Capital Dilemma: Inequality and Growth in Washington, DC, edited by Derek Hyra and Sabiyha Prince. The book chapters focus on issues of inequality and growth, particularly on ongoing gentrification making affordable housing unavailable to a majority of our residents who remain, as well as pushing out many who have lived here all their lives. There is much valuable information to digest touching on culture, institutional racism and white supremacy.

Banks in the District of Columbia By Market Share

This table presents recent data from the FDIC for banks operating in the District of Columbia and provides both U.S. and D.C. market share from the largest to smallest share of the D.C. deposits. The most recent annual report available was for June 2015 and presents information on 35 banks in the District of Columbia Market. Information is also available from the FDIC for previous years.

DC Public Banking Center's Bank Safety Fact Sheets are available for selected banks in this table:

• Bank of America
• JPMorgan Chase
• Morgan Stanley
• Wells Fargo

Which financial institutions hold the $3 billion in D.C. government deposits? This table from September 30, 2015 shows aggregate account balances by financial institution. Information provided by the D.C. Office of the Chief Financial Officer.

The 20-page Spring 2014 issue of the Alliance for Democracy’s Justice Rising features an interesting mix of issues and perspectives on public banking. Articles include

This article documents the legal framework for too-big-to-fail banks and other banks with derivative investments that put their depositors at high risk in the event of bankruptcy. It is intended to assist District of Columbia elected officials, city administrators, other concerned stakeholders, and citizens to understand and respond to the legal framework that binds federal regulatory agencies and courts in the event of bank failures, including:

This Public Banking Institute webinar (free but requires registration) with Marco Vangelisti covers the fundamental issues of the banking and money system in the U.S.  The design of the banking and money system is implicated in the largest challenges we face as a society:

• Increasing levels of debt (public and private)
• Economic instability
• Concentration of wealth and power
• Loss of democracy
• Environmental and climate disruption

Why Support the DC Public Bank. This quick presentation covers the DC Public Banking Center’s core concepts about the need and benefits for establishing the DC Public Bank.

Part 1

Part 2

Confronting ongoing gentrification of our community is a big part of the challenge to promote a better quality of life for all, without displacing long-term residents. This presentation is by Dr. Johanna Bockman, a faculty member of the Sociology and Anthropology Department, George Mason University. Dr. Bockman, who lives in Ward 6, is also a blogger at Sociology in My Neighborhood: DC Ward 6.

The National Community Reinvestment Coalition (NCRC) is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.

NCRC prepared a report on lending in Washington, DC by six major banks: Bank of America, BB&T, Citigroup, JP Morgan Chase, PNC, and Wells Fargo. NCRC used 2011 Home Mortgage Disclosure Act (HMDA) data with the following specifications for Washington, DC: all single family prime lending, loans to owner-occupants, and first lien loans. The category of “all single-family loans” includes loans for home purchase, home improvement, and refinances. For the small business lending analysis, NCRC used small business originations reported as required by the Community Reinvestment Act (CRA).