In an effort to gain even more control of Americans’ banking assets, the banking industry is trying to stamp out member-owned credit unions—which began amid the banking failures of the Great Depression—by stripping them of their nonprofit status.
Moving San Francisco’s money into a municipal bank would protect the city’s deposits and reduce its debt burden. A chief roadblock to forming such a bank was recently overcome by a legal opinion issued by one of the city’s deputy attorneys.
At least 20 Occupy Wall Street protesters were arrested Saturday as police used nets to clear a sidewalk in front of a state courthouse in Lower Manhattan to make way for nonexistent pedestrians. (more)
Saturday is the day 80,000 people have pledged to punish “too big to fail” banks by moving their money to credit unions and local community institutions. How does it work? Will banks feel the hurt? How can it be done quickly and conveniently? Josh Harkinson at Mother Jones answers these questions and more.