The Public Bank of North Dakota has kept their public funds safe, local and working for more than 100 years.
Photos courtesy BND.com
Credit Union Association of New Mexico
Endorses a Public Bank for New Mexico
Ballooning New Mexico|@Yancy|Flickr
How Can a State Public Bank
Support Our Communities?
Researcher and interns of Sandia Labs at Pueblo of Acoma discuss photovoltaic solar panel. Photo courtesy Sandia Labs via Wikimedia Commons.
AFLEP in New Mexico Blog
January 20, 2021 – Alliance for Local Economic Prosperity recently gained the public support of the Albuquerque City Council. The City of Albuquerque will join the cities of Santa Fe and Las Cruces in supporting a public bank for New Mexico.
By KUNM | January 18, 2021
Listen to Arturo Sandoval, founder of the Center of Southwest Culture, on KUNM’s “Espejos de Aztlán” discuss the importance of Place in New Mexico within the context of a rapidly changing world. A New Mexico public bank could help to support our communities and facilitate their growth with respect, within tradition.
By KRQE | January 16, 2021
Watch as Dan Mayfield of the New Mexico Credit Union Association explains to KRQE’s Brady Wakayama and Stephanie Chavez that a New Mexico public bank is “a great low cost, very easy way to make sure small businesses and economic development projects, municipal projects of all kinds, can get capitol pretty quickly.”
Working together let’s establish a Public Bank for New Mexico, to finance the bold changes it will take for our communities to overcome today’s obstacles and seize tomorrow’s opportunities.
The Alliance for Local Economic Prosperity (AFLEP) is a nonprofit, grassroots think tank advocating for a state public bank. New Mexico’s revenue (taxes and fees) is now largely invested in global banks outside the state, missing opportunities to invest in the economic needs of New Mexico communities. Learn more:
Endorse a Public Bank for New Mexico
Endorse a public bank so public officials and friends know you support public banking and why.
Allied Organizations that support what a State Public Bank can do for our economy
In the News
By David Garrick, San Diego Union-Tribune – San Diego city leaders want to explore creating California’s first government-run public bank, which could loan out tens of millions of dollars in city reserves for projects related to affordable housing, climate change, social equity or other goals. If approved, San Diego would launch its public bank with hundreds of millions of dollars from city reserves that it now keeps at Bank of America and US Bank.
By CUtoday – The NM legislature is debating the creation of a new state public bank, a move that has the support of New Mexico’s credit unions. The goal of the bank is to help the state’s small businesses and spur economic growth. Backers of the project told the news outlet opening a public bank would keep New Mexico’s money in New Mexico, rather than being invested in global banks outside of the state – which they say will lead to better economic development for the state.
By Stephen Hamway, Albuquerque Journal – Given New Mexico’s struggles attracting and retaining investment dollars, legislators are considering an unorthodox solution: establishing a statewide public bank. A local nonprofit, Alliance for Local Economic Prosperity, has developed a business plan that outlines the structure and approach for a state public bank, an entity the state could use to deposit assets and support state investment programs.
- North Dakota had the lowest unemployment rate in the nation during the 2007-08 recession. Current Sept 2020 rates: North Dakota, 3.8%; U.S., 7.9%; New Mexico, 9.4%.
- Bank of North Dakota (BND) has added to the state’s annual operating budget $300+ million over the past 10 years.
- North Dakota community banks are thriving because of their partnerships with BND: 10 community banks per 100,000 population, the highest in the U.S.
- BND originated or renewed 15,696 loans to state businesses, projects and students, totaling $1.33 billion in 2019. The total loan portfolio is $4.5 billion.
- BND works actively to create successful new businesses to reduce the state’s dependence on oil and gas.
- Founded in 1919 with $2 million in capital, BND reported assets of $7.0 billion at the end of 2019.
- BND posted its 16th year of record profits at $169 million in net earnings in 2019 and is highly profitable, with a Return on Investment (ROI) of 18.6% for 2019.