The Banks We Deserve

Reclaiming Community Banking for a Just Economy

Oscar Perry Abello

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Hardback

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English

Island Press
04 February 2025

Social groups; Regional government; Banking; Personnel & human resources management

We’ve never done anything big in this country without little banks. Yet the number of community banks in the US has been steadily declining for decades, giving way to big banks that have little connection to the communities they claim to serve. The massive, unprecedented shift toward such a highly concentrated banking sector has weakened our ability to take action at a community level and leaves many people, especially those who have been historically marginalized, without access to capital. In The Banks We Deserve, journalist Oscar Perry Abello argues that community banking has a crucial role to play in addressing urgent social challenges, from creating a more racially just economy to preparing for a changing climate. At their best, community banks unleash the agency and aspirations of the communities that establish them. Abello challenges people working on racial justice, community development, or addressing climate change to start more community banks or credit unions as part of their work, while also calling for policies and regulatory reforms that will

help tilt the landscape back in favor of community banking. The Banks We Deserve tells the stories of new community banks — like Adelphi Bank, in Columbus, Ohio, the first new Black bank in 20 years; or Walden Mutual Bank in Concord, New Hampshire, the first new mutual bank since 1973 and the first chartered specifically to finance a more sustainable food system; or Climate First Bank, in St. Petersburg, Florida, which has grown exponentially since opening for business in 2021. He hopes these stories inspire others to take some of these same daunting-but-not-impossible steps. For a community or industry that is being ignored by big banks, the idea of starting up a new bank or credit union rarely figures as an option. In The Banks We Deserve, Abello shows advocates, organizers, and innovators that it can be done, that it is being done, and describes a path to support more community banks and credit unions.

By: Oscar Perry Abello
Imprint: Island Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm,
Weight: 454g
ISBN: 9781642833409
ISBN 10: 1642833401
Pages: 192
Publication Date: 04 February 2025
Audience: General/trade , ELT Advanced
Format: Hardback
Publisher's Status: Active

Oscar Perry Abello is a journalist covering alternative economic models and policies across the United States. He is currently the senior economic justice correspondent for Next City, an independent, not-for-profit, online publication covering cities from the lens of social, racial, and environmental justice. His writing has also appeared in Yes! Magazine, City & State New York, Impact Alpha, Shelterforce, and other outlets.

Reviews for The Banks We Deserve: Reclaiming Community Banking for a Just Economy

""The Banks We Deserve is a book for anyone wanting to understand how we can bring about a more just banking system. Abello's vast knowledge on the banking system and its history is found in the solutions he suggests. The book is a blueprint for consumers and even states to promote responsible banking policy.""--Malia Lazu, CEO & Founder, The Lazu Group (The Urban Labs) ""Oscar Perry Abello beautifully illustrates how banks, with intention, can restore value to communities that have been burdened and besieged by past and present discrimination. The Banks We Deserve narrates real-world solutions from industry leaders, offering a tangible plan to reform an industry. Superb!""--Andre M. Perry, Senior Fellow and Director of the Center for Community Uplift, The Brookings Institution ""This slim volume by the senior economic correspondent for Next City punches way above its weight in examining the chasm between the financial needs of underserved and often nonwhite urban communities--with special focus on local development and environmental sustainability--and a banking infrastructure often unable or outright unwilling to help them.... A how-to guide that raises awareness of both underserved population needs and the institutions available--or not--to serve them.""-- ""Booklist""