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CU System
Detroit editorial Use CUs MBLs not state-owned bank
DETROIT (3/16/10)--A state candidate's proposal to open a state-owned bank in Michigan to assist the state's economy prompted an editorial in The Detroit News that said Michigan is in no position to open such a bank and that credit unions' program to assist the credit crunch makes more sense. "Last month, Gov. Jennifer Granholm unveiled a state partnership under which 335 Michigan credit unions will help ease the money crunch by lending at least $43 million to small businesses," said the editorial (March 15). "That kind of public-private format, while modest at this point, makes more sense than adding a state-owned bank to a bureaucracy that's already $1.6 billion costlier than its projected income," said the newspaper. The newspaper noted that "while times call for bold plans, this one should fizzle." The proposal was based on the Bank of North Dakota, the only state-owned bank in the nation. Some cash-strapped states have considered the idea of such a bank, saying it could inject money into the economy by making business loans, student loans, buying down small banks' endangered mortgages and issuing credit cards. The proposal was made by Virg Bernero, who is running for the Democrat candidacy for governor (News Now March 11). Other states looking into state-owned banks include Vermont, Florida, Oregon and Washington.
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