Local lenders envision a Bank of Rochester that would work through them to meet residents’ and small business owners’ needs.
by Oscar Perry Abello
From the article:
“The scale that’s needed is more than we can do by ourselves,” says Marquez, who has been a member at the cooperative credit union since 1985. “All along, the idea of who can that partner be has been in my mind.”
That’s why Marquez has joined Rochester’s mayor, city council members and its state legislators in a last-minute push for state legislation to create a “public bank” called the Bank of Rochester. They envision a government-owned financial institution built specifically to hold only government deposits while partnering with local private lenders like Genesee Co-op Federal Credit Union to boost their ability to make loans and investments in communities that still aren’t getting enough of it.
Read the full article on Next City
