Yes, but also on a more conciliatory note: CGBs will be pioneering a new kind of account, a "Common Good™ Account", that other banks will be able to copy either on their own or in partnership with CGBs. We are not trying to create a big new organization that drives all other financial institutions out of business, we are simply introducing a new, better system that any bank or credit union can use.
I'm organizing in Gunnison, a small CO mountain town that has 2 local banks and a credit union. In my case, both local banks and the credit union could not justify lending to our net zero residential construction project bc (I believe) they have resorted to selling stock to investors outside our valley that they can't to explain on paper why to support new/alternative building science, hence needing to start a division of Common Good Finance here. I came to our local banks with much hope that they would understand our community need to build sustainable/"powered down" housing to a pair of tenured public school educators, but apparently not. I am interested in convincing our local depositors that our local banks can't and don't support anything pioneering unless wealthy folks have started the trend at their own risk. We'll have a difficult time transitioning to a resilient local economy if our banks won't lend to projects and business with a social and environmental responsibility. I would suggest asking your local banks how they will be able to justify economically, lending to businesses and projects that your community will need to power down from fossil fuel dependency and see what you get. Maybe that will be the differentiation needed to justify supporting a CGB in your community.
As we continue to work through the Common Good Bank here in New London, CT, one of the challenges is reconciling our Local First and the fact that we have two members who are local banks AND how this would support introducing another local bank: Common Good Bank.
Introducing this not simply as another member, but as something we would partner with and thus "get behind" means we'd be creating a partiality to one bank over another.
Do you have any thoughts about how we might, in fact, reconcile this?
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