DC Funds Public Banking Feasibility Study

In June, the Washington DC City Council authorized a feasibility study for a public bank, for which the city will pay $200,000. This step forward was fueled by the work of DC Public Banking.

… one of the catalysts for the vote was the city’s determination to review its banking relationship with Wells Fargo, after that institution failed a review of its community lending activities under the Community Reinvestment Act. This followed the 2016 revelation that the bank opened new accounts for existing customers without their permission, leading to legal actions resulting in hundreds of millions of dollars in settlements. In addition, the group DCReinvest has drawn attention to Wells Fargo’s funding of the controversial Dakota Access Pipeline.

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