Banking

Co-op Banking Of The African Diaspora Has Implications Beyond Finance

April 17, 2026 Alice Toomer-McAlpine, Coop News. Create! Africa, Banking, Cooperatives, Roscas

In this absorbing book, Caroline Shenaz Hossein (pictured) tells the story of the informal co-operative banks and rotating savings and credit associations (Roscas) used by the African diaspora, and of the women who run them. Rosca is the term used by academics to collectively describe these informal banking institutions, while their members around the world use a range of names depending on their geographic and cultural context, such as the Jamaican Pardner, Peruvian Juntas or Egyptian Gameeyaa. The term Susu is used in Ghana, Trinidad and Tobago, Grenada and St. Vincent, while Hagbad, Shalongo, Ayuuto are used in Somalia.

North Philly Has A New Option To Invest In Its Future

March 31, 2026 Oscar Perry Abello, Next City. Create! Banking, Credit Union, Local Economy, Philadelphia, Underbanked

Yazmin Auli’s neighbors in North Philly were the first to believe in El Coqui Panaderia y Reposteria. After almost two decades, 28 employees hired and millions of loaves of pan sobao, Auli is excited to be investing back into that same community. Literally. In December, Auli opened up new accounts for herself and for her bakery at Finanta Credit Union, which had just opened its first branch in Philly just a five minute drive from El Coqui’s location at the Harrowgate Plaza shopping center. She’s moving the bakery’s everyday banking out of the big bank that’s been charging her for daily operations like making change.

Wells Fargo Workers Push To Bring A Union To The Banking Industry

September 24, 2025 Dan DiMaggio, Labor Notes. Organize! Banking, Unions, Wells Fargo, Worker Rights and Jobs

Workers at Wells Fargo are organizing the first union at a major U.S. bank—in one of the least-organized industries in the country. The first branch where workers won a union vote, in 2023, was in Albuquerque, New Mexico. Since then, workers have have voted to join the Communications Workers (CWA) at 29 more branches from Apopka, Florida, to Casper, Wyoming. So have 35 workers who review customer and employee complaints at the bank. These workers, a total of 200, are a small fraction of Wells Fargo’s 217,000 employees. But their organizing represents the first formal union effort since the company’s founding in 1852. And their success is even more notable in an almost entirely non-union industry.

An Indigenous Credit Union Is Leaning Into Mobile Banking

April 28, 2025 Connie Aitcheson, Next City. Create! Banking, Credit Union, Indigenous People, Pine Ridge

When Lakota Federal Credit Union opened its doors in 2012 in Kyle, South Dakota, access to a financial institution was severely limited for the people of Pine Ridge Reservation. Up to 60% of community members were unbanked — a proportion that bank leaders believe has since decreased thanks to initiatives such as Lakota FCU’s mobile banking unit. “It’s always been about accessibility, for us to be in communities that can’t up and just come to Kyle on a whim,” says Shayna Ferguson, manager and CEO of Lakota FCU, a federally-certified community development financial institution with about $15.9 million in total assets.

A St. Paul CDFI Is Now Offering Net Zero Banking

March 25, 2025 Hibah Ansari, Next City. Create! Banking, Carbon emissions, cdfis, Minnesota, Net Zero Banking

Once an outdoor educator, Laura Wildenborg spent 10 years taking kids on field trips to go rock climbing or cross-country skiing across the region, all to inspire children to love and care for the environment. After receiving her MBA in 2020, she made a drastic career pivot — to banking. But she brought her care for the environment along with her. “That love of the outdoors, that was such an important aspect of what I was doing, and I wanted to carry that through into my next role,” says Wildenborg, vice president of strategic lending for Sunrise Banks, a community development financial institution based in St. Paul, Minnesota.

Out Of The Dark And Into The Light: The ROSCA Movement In Canada

March 3, 2025 PK Mutch, Rabble. Create! Banking, Canada, Community Banks, Finance, ROSCA

Most Canadians have never heard of a Susu, Pardner, Hagbad, Chit Fund, or Tontine, collectively known by their academic name, ROSCA. But that’s about to change. Especially if Dr. Caroline Shenaz Hossein has a say—and the freedom to say it. For over ten years now, Dr. Hossein, award winning University of Toronto scholar, author, international speaker, and daughter of Caribbean immigrant parents, has been an unstoppable researcher and fiery advocate for the acceptance of ROSCAs as part of our financial system. Dr Hossein, also a founding member of the Banker Ladies Council, has been holding the torch through her research for over a decade

To Build Just And Sustainable Cities, We Need Community Banking

February 10, 2025 Oscar Perry Abello, Next City. Create! Banking, climate crisis, Community Banks, Economic crisis, Money

Hardly anyone these days talks about how banks have the power to create new money. Most bankers would say something along the lines of “We’re in the business of taking deposits and making loans.” That’s technically correct, but the precise relationship isn’t obvious. In 2023, a working paper from the Federal Reserve Bank of Philadelphia stated: “Private money creation by banks enables lending to not be constrained by the supply of cash deposits. During the 2001–2020 period, 92 percent of bank deposits were due to funding liquidity creation, and during 2011–2020 funding liquidity creation averaged $10.7 trillion per year, or 57 percent of [gross domestic product].”

The ‘Black And Green’ Campaign

December 22, 2024 Cinnamon Janzer, Next City. Create! Banking, Black America, Fossil Fuels, Reinvestment

Since the Paris Agreement went into effect in late 2016, 60 of the world’s largest private banks have funneled $6.9 trillion to the fossil fuel industry. Despite a wave of banks pledging to no longer finance the private prison industry between 2019 and 2021, many others are still funding the two largest U.S. private prison companies that have relied on bank loans to operate and expand. Tackling such global financial systems can seem impossible, but not when you talk to Stephone Coward, head of the Bank Black & Green campaign, an effort to funnel capital into Black-owned banks that commit to not funding the fossil fuel or mass incarceration industries.

How Unelected Regulators Unleashed The Derivatives Monster

August 4, 2024 Ellen Brown, Scheer Post. Create! Banking, Debt, Finance and the Economy, Regulation

While the world is absorbed in the U.S. election drama, the derivatives time bomb continues to tick menacingly backstage. No one knows the actual size of the derivatives market, since a major portion of it is traded over-the-counter, hidden in off-balance-sheet special purpose vehicles. However, when Warren Buffet famously labeled derivatives “financial weapons of mass destruction” in 2002, its “notional value” was estimated at $56 trillion. Twenty years later, the Bank for International Settlements estimated that value at $610 trillion. And financial commentators have put it as high as $2.3 quadrillion or even $3.7 quadrillion, far exceeding global GDP, which was about $100 trillion in 2022.

The Supreme Court May Give Us Another 2008 Financial Crisis

April 4, 2024 Katya Schwenk, The Lever. Educate! 2008 Financial Crisis, Banking, Deregulation, Finance and the Economy, US Supreme Court

The United States Supreme Court will soon decide a case that could decimate consumer protections against abusive banking practices — potentially allowing banks to disregard state laws meant to prevent the kind of predatory lending that led to the 2008 financial crisis. Legal experts say that the case, Cantero v. Bank of America, could invalidate a host of state laws that protect people from predatory lending, junk fees, and other financial scams. The case is ostensibly about a New York statute that forces banks to pay interest to consumers on certain mortgage accounts — but big banks are fighting for the court to rule they are exempt from that law and many others in states across America.

Is American Banking Safe? You Might Not Like The Answer

December 6, 2023 Lynn Parramore, Scheer Post. Educate! Banking, Capitalism, Federal Reserve, Finance and the Economy, History, Regulation

As anybody who lived through the Global Financial Crisis of 2008 knows, banking can be hazardous. Failures can hit millions hard, wiping out life savings, tossing the economy into chaos, and messing with investments, spending, and overall growth. Capital requirements are supposed to be crucial buffers shielding banks from catastrophes, rooted in centuries of financial evolution from Alexander Hamilton up through the New Deal regulatory regime and modern international agreements like the Basel Accords. But current regulators’ efforts to raise the capital ratios of big banks to safe levels are strongly opposed by most financiers, sparking debates on finding a balance between stability and financial risk, all amid intense political pressures.

Wells Fargo Workers At Two Branches Move To Unionize

November 22, 2023 Niket Nishant and Reuters, Portside. Organize! Alaska, Banking, New Mexico, Unions, Wells Fargo, Worker Rights and Jobs

Wells Fargo employees at two of the bank’s branches filed for union elections on Monday, laying the groundwork for potential unionization in an industry that has largely been immune to such labor campaigns. In a petition to the National Labor Relations Board (NLRB), bankers and tellers at Wells Fargo branches in Albuquerque, New Mexico and Bethel, Alaska declared their intent to join the Communications Workers of America’s Wells Fargo Workers United (WFWU). Labor action in the United States has picked up pace this year, with unions confronting companies across industries like automotive, entertainment and aerospace.

Iraqis Protest Fall In Currency Value After US Bans More Private Banks

July 29, 2023 People's Dispatch. Resist! Banking, Iran, Iraq, Protests, US Imperialism, US Sanctions

On Wednesday, July 26, scores of Iraqis protested in front of the country’s central bank in the capital Baghdad following a massive fall in the value of the Iraqi dinar that is attributed to the recent US ban on 14 private banks. The market rate of the Iraqi dinar in exchange for one US dollar has climbed up to 1,570 from 1,470 in the last two days. The US Treasury Department and the Federal Reserve imposed the bans this month, accusing the banks of money laundering and transferring funds to Iran. The banks insist that they “have nothing to do with political tensions and are independent financial institutions” willing to face an audit to dispel any notion of wrongdoing or criminal activity.

How To Build A Bank To Scale Up Local Food Ecosystems

July 8, 2023 Oscar Perry Abello, Next City. Create! Banking, Food and Agriculture, Food Security, Local Economy

Charley Cummings had a vision of creating a new, sustainable, local food system. In 2013 he and his wife started their own company in Concord, New Hampshire, delivering grass-fed beef and pasture-raised pork and chicken purchased from farmers in the region and delivered directly to consumers. Along the way, he’s found farmers, food processors, distributors and consumers who are excited to be part of it. But the banks haven’t been interested. “There were farmers and also other types of food businesses, processors and things that wanted to scale alongside us, but seem to have trouble accessing the right type of capital,” says Cummings, who previously worked in commercial composting and management consulting.

Philadelphia Passes Public Banking Law

March 9, 2023 Ken Bank, Resilience. Create! Banking, Local Economy, Philadelphia, Public Banks

With all the obstacles to public banking, a small but significant step was taken in Philadelphia last March. The Philadelphia City Council, with one exception, voted unanimously to establish the Philadelphia Public Finance Authority. Its purpose is to provide credit lines for making loans to help small businesses unable to obtain regular loans from private financial institutions. Many of these enterprises are started by those without access to capital—usually working-class people and people of color. Although not a bank in the traditional sense (the Authority is unable to take deposits from private sources), it can utilize the city’s financial resources to facilitate loans that benefit the community and help stimulate the local economy.

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