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.
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
Local Officials, Candidates and Organizations Join in Calling for Cleveland Municipal Bank Exploratory Committee
By Vince Grzegorek, Cleveland Scene – A host of sitting elected officials, candidates for mayor and city council, and local organizations have voiced their support for forming a municpal bank exploratory committee in Cleveland. “We are in a unique economic climate right now, with the pandemic still wreaking havoc and significant federal funding on its way to cities around the country,” says Geeta Minocha.
By Brendan Greeley, Financial Times – Community banks tend to have less than $10bn in assets, take deposits and hold a traditional portfolio of mortgages and business loans. Of the 5,000 lenders in the federal programme that insures deposits against bank runs, all but 500 are community banks. They are ubiquitous in rural areas and, during the first months of the coronavirus pandemic, proved their value. Small businesses and the self-employed needed loans to stay afloat, and it was often the community banks that made them.
By Daniel Chacón, Santa Fe New Mexican – While New Mexico grew by 58,343 people between 2010 and 2020, the influx occurred in more urban areas — at the same time more rural parts of the state saw their populations shrink, according to U.S. Census Bureau data released Thursday. The state needs to work harder to increase economic development opportunities in more rural parts of New Mexico, House Minority Leader Jim Townsend said.
AFLEP in New Mexico Blog
By Clifton Chadwick, Santa Fe New Mexican – The piece by Sen. George Muñoz (“Stimulus — spent right — will promote opportunity,” My View, Aug. 23) about “not squandering” New Mexico’s share of federal stimulus money is right on, well, the money. And who knows the needs and concerns of New Mexicans better than New Mexicans?
By Justin Friedman, Taos News – The legislation to create a New Mexico State Public Bank did not progress in this year’s legislative session. It received two committee hearings and died in the second one. The critical piece for Taos County is the related failure to locally fund startup small businesses in solar installation, home improvement, forest management and a diverse, far reaching number of local initiatives.
By Dee Gamble, Santa Fe New Mexican – If financial investments are just fine as they are, why is New Mexico at the bottom of all the measures for well-being? New Mexico communities have many unmet needs, and it’s high time we do something bold that is successfully functioning elsewhere and is currently being considered by dozens of other states.
- 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 responded to the COVID-19 crisis with confidence in 2020, filling the gaps that federal programs didn’t support and seeing a 15% Return on Investment (ROI).
Detailed Comparison of New Mexico and North Dakota
BND’s 2020 Economic Development Report: Creating Financial Solutions for Current and Emerging Economic Needs
BND 2020 Annual Report: Responding with Confidence