The city council's action was partly spurred by problems with Wells Fargo, including the bank's admission of illegally opening bank accounts for customers without their knowledge, and failing marks for its activities under the Community Reinvestment Act. Washington DC, a Wells Fargo customer, considered a review of its banking practices, and as part of the review, to study a public banking system.
The DC Public Banking Center is a sponsored project of Alliance for Democracy, and one of three public bank campaigns involving Alliance members or supporters, including Hub Public Banking in Boston, which is currently advocating for a state public bank there, and the Portland Public Banking Alliance, in Portland OR, which is looking to bring public banking to their city.
DC Public Banking Center will continue to advocate for as complete and comprehensive a feasibility study as possible, one that looks at the potential positive impacts of banking on small business, affordable housing, and job creation. You can follow them on Facebook and Twitter and visit their website here.