In late January, the Public Banking Institute hosted a town hall in coordinaton with Senator James Sanders, chair of the New York Senate Banking Committee, and Rep. Victor Pichardo, chair of the Assembly Banking Committee. The guest speaker was Eric Hardmeyer, President and CEO of the Bank of North Dakota, and video of his remarks, followed by a q & a session, are available here

It’s worth watching in full if you want to learn more about the Bank of North Dakota’s lending practices and its relationship with the state’s for-profit banking community, including

  • The Bank of North Dakota’s role as a “banker’s bank” and participation loans—Hardmeyer emphasizes that Bank of North Dakota lending programs are mostly done in cooperation with local banks, and that the state has more banks per capita than any other state. (starts at 8:56)
  • How the Bank has taken a proactive role in helping the state’s economy and businesses weather the COVID-19 pandemic. (Starts at 11:55)
  • How the Bank does infrastructure lending and its relationship with other state agencies. (starts at 14:02)

Issues touched on in the Q&A include the bank’s interest rates, special programs for underserved communities, particularly in working with tribal governments, student loan programs, and the importance of tailoring plans for new public banks to the specific finance problems faced by the municipality or state that the bank will serve.

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