Public Banking Movement Gaining Steam

April 20th, 2021 by admin

OSCAR PERRY ABELLO   APRIL 20, 2021The capitol building of New Mexico, where a public banking bill recently died (Photo by jpellgen)

Like many banking executives, Harold Dixon wasn’t sure at first about the idea of a state government owning its own bank. His knee-jerk reaction was skepticism that a state government could run a bank, because state employees don’t really have experience doing that.

And he would know that better than just about anyone in New Mexico. Dixon is CEO of the State Employees Credit Union of New Mexico, with 49,000 members. Only state employees could become members until 2016, when the credit union expanded its membership eligibility.

“But once I wrapped my head around it — and once it was clear they’re not taking your customers away, they’re just to help supplement what you already do and be another avenue to help you loan more money out in the community, it made a lot of sense,” Dixon says.

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