Curated Post: Next City Covers Rochester as featured case about banking efforts

On June 3rd, 2024, nonprofit resource Next City posted a story titled “Why a Rochester Credit Union Wants the Local Government to Create Its Own Bank” as a case study for lenders meeting residents’ and small business owners’ needs. The Genesee Co-op Federal Credit Union is featured as part of a push to create a Bank of Rochester, a “public bank” intended to hold only government deposits and partner with local private lenders. 

The article outlines how the idea of a public bank would work and makes the argument for the potential of such a program. This idea is also a spark for thinking about alternative lending, alternative banking options. 

As we learned in Dr. Matthew Desmond’s Poverty, by America, the banking industry is a particularly institutionalized impediment for upward mobility. Consider this alternative, or come up with your own ideas, as you engage in conversations about banking equity, and the potential of this community to encourage home ownership, small business development, and our general upward mobility efforts.