Move Over, Grameen: American Microcredit
A blog about creating a more just economy. Topics will include cooperatives, local currencies, family businesses, and political decentralization. My inspirations include David Korten, Duane Elgin, E. F. Schumacher, and Thomas Greco.
There's a great post on a new trend among credit unions: entering the payday lending market. Credit unions are issuing payday loans for a service fee of a couple bucks, as opposed to $20 (an annual interest rate of up to 480%).
Now imagine what might happen if the banking industry were opened up to real competition: if licensing and capitalization requirments, and all other market entry barriers against mutual banking, were eliminated.