The century-old Bank of North Dakota is rated A+/Stable by S&P, delivered 18% returns last year, and remains safer than Wall Street banks with strong reserves and local partnerships with CDFI's, community banks & credit unions.

Bank lobbyists are spreading misinformation. LA has never had a real bank. The old LA Community Development Bank was a private-sector loan fund, not a bank. It wasn't chartered, unregulated & didn’t take deposits. A public bank would be regulated & accountable to LA communities.