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Make access to a bank account a right. Take all of the unbanked/unprofitable customers and assign them to banks weighted by each bank’s market share. No matter

Make access to a bank account a right. Take all of the unbanked/unprofitable customers and assign them to banks weighted by each bank’s market share. No matter their Chexsystems report status.

lotsofpulp 3y ago
Another move in the wrong direction. Why should private businesses be selectively shouldering the burden of society? Mandate the USPS (federal government) to offer electronic money accounts to everyone.
- blackshaw 3y ago
  Maybe we should also mandate the USDA to bake same-sex wedding cakes.
- supertrope 3y ago
  This is done several other industries. Hospital emergency departments cannot refuse critical care. Most states mandate carrying car insurance and also have an assigned risk pool of last resort for people who cannot get a policy normally. The benefit of a service mandate on private businesses is that it avoids having to set up a government retail-facing firm. Starting a public option is re-inventing the wheel. Either it stays starved of funding so it sucks, or it gets momentum and existing firms complain about unfair competition from the government.
  - lotsofpulp 3y ago
    > Hospital emergency departments cannot refuse critical care. Yes, and the government’s hesitation in properly compensating them (and choosing to avoid owning/operating them) is a major source of myriad problems. The government tasked them with a huge responsibility, gave them insufficient funds, and watched as they flail about teetering on the edge of failure. >Most states mandate carrying car insurance and also have an assigned risk pool of last resort for people who cannot get a policy normally. This is not comparable. > The benefit of a service mandate on private businesses is that it avoids having to set up a government retail-facing firm. Starting a public option is re-inventing the wheel. The government should have a retail facing firm, we are its customers. And it already does, with locations everywhere. Called USPS. And it already is tasked with identity verification duties for passport issuance. The only thing left is to bolt on the backend of an online bank. Go ahead and just buy a mid size ine one if that makes it easier, they are not very expensive.
kube-system 3y ago
> Take all of the unbanked/unprofitable customers and assign them to banks weighted by each bank’s market share. These people often don't have a bank in their neighborhood.
akira2501 3y ago
Access to cash is a right. You can buy gift type credit cards and periodically "recharge" them for use. It seems to work fine for those who have to use it, but I have no idea what regulations, if any, are protecting those customers. Anyways, extending this idea to also include an ECH account attached to the payment account is probably not difficult to accomplish and is probably where federal reserve efforts could improve outcomes without forcing banks to take on customers.

Make access to a bank account a right. Take all of the unbanked/unprofitable customers and assign them to banks weighted by each bank’s market share. No matter their Chexsystems report status.

lotsofpulp 3y ago

Another move in the wrong direction. Why should private businesses be selectively shouldering the burden of society? Mandate the USPS (federal government) to offer electronic money accounts to everyone.

blackshaw 3y ago
Maybe we should also mandate the USDA to bake same-sex wedding cakes.
supertrope 3y ago
This is done several other industries. Hospital emergency departments cannot refuse critical care. Most states mandate carrying car insurance and also have an assigned risk pool of last resort for people who cannot get a policy normally. The benefit of a service mandate on private businesses is that it avoids having to set up a government retail-facing firm. Starting a public option is re-inventing the wheel. Either it stays starved of funding so it sucks, or it gets momentum and existing firms complain about unfair competition from the government.
- lotsofpulp 3y ago
  > Hospital emergency departments cannot refuse critical care. Yes, and the government’s hesitation in properly compensating them (and choosing to avoid owning/operating them) is a major source of myriad problems. The government tasked them with a huge responsibility, gave them insufficient funds, and watched as they flail about teetering on the edge of failure. >Most states mandate carrying car insurance and also have an assigned risk pool of last resort for people who cannot get a policy normally. This is not comparable. > The benefit of a service mandate on private businesses is that it avoids having to set up a government retail-facing firm. Starting a public option is re-inventing the wheel. The government should have a retail facing firm, we are its customers. And it already does, with locations everywhere. Called USPS. And it already is tasked with identity verification duties for passport issuance. The only thing left is to bolt on the backend of an online bank. Go ahead and just buy a mid size ine one if that makes it easier, they are not very expensive.

kube-system 3y ago

> Take all of the unbanked/unprofitable customers and assign them to banks weighted by each bank’s market share. These people often don't have a bank in their neighborhood.

akira2501 3y ago

Access to cash is a right. You can buy gift type credit cards and periodically "recharge" them for use. It seems to work fine for those who have to use it, but I have no idea what regulations, if any, are protecting those customers. Anyways, extending this idea to also include an ECH account attached to the payment account is probably not difficult to accomplish and is probably where federal reserve efforts could improve outcomes without forcing banks to take on customers.