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public bank

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DISB responds to Councilmember Grosso on delayed public bank study

On January 16 the Department of Insurance, Securities, and Banking (DISB) sent a response to Councilmember Grosso’s Jan. 9 letter inquiring about the status of a study to determine the feasibility of establishing a public bank in the District of Columbia and requesting an explanation for the delay in its delivery.

In the letter, Director Stephen Taylor informed Councilmember Grosso that the feasibility study was delayed due to additional requested work and that the draft report is currently under review. The final step will be final review from the Executive Office of the Mayor, but Director Taylor was unable to provide a date certain for public release of the study.

The councilmember secured the funding for the feasibility study in the FY2018 budget.

“I have long advocated for a public bank because I believe its establishment would enable the city to serve as a participation lender, partnering instead of competing against local banks, to drive lending to small businesses and others that have been historically denied access to credit,” Grosso wrote.

Read the letters below.

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Councilmember Grosso requests update on delayed public bank feasibility study

Councilmember Grosso sent a letter to the Department of Insurance, Securities and Banking (DISB) today inquiring about the status of a study to determine the feasibility of establishing a public bank in the District of Columbia and requesting an explanation for the delay in its delivery.

“I have long advocated for a public bank because I believe its establishment would enable the city to serve as a participation lender, partnering instead of competing against local banks, to drive lending to small businesses and others that have been historically denied access to credit,” Grosso wrote.

The councilmember secured the funding for the feasibility study in the FY2018 budget.

“As we are now four months into Fiscal Year 2019, I am deeply disappointed that neither I nor the public has seen the study.”

Grosso requested an update on the study and a specific date for finalization from DISB Commissioner Stephen Taylor by Wednesday, January 16.

Read the letter below.

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