mitchell bank

mitchell bank: Page 1

Discussed in (click each link for the full post): promotes banks profiting from money earned illegally ("unbanked", Matt Herrick) - 05/20/09

America dot gov - run by the U.S. State Department - recently promoted Canadian-style multiculturalism. Now they'd decided to promote banks profiting from money that was earned illegally. staff writer Matt Herrick offers "Banking the Unbanked/Alternative financial services attract immigrants" [1]:

Compared to native-born Americans, immigrants like Gama are not only poor, but also disproportionately "unbanked," meaning they do not have bank accounts. Some might be "under-banked," making minimal use of banks. Among immigrants, Mexicans are most likely to be unbanked, reports the Pew Hispanic Center.

The reasons for this are manifold... ...Another reason immigrants don’t use banks is survival. Pew reports more than 80 percent of undocumented immigrants are Hispanic. They may shy away from banks for fear of revealing their illegal status and risking apprehension by immigration authorities...

...Mitchell Bank, based in a densely populated Latino community in Milwaukee, adopted immigrant-friendly practices in the late 1990s and saw its business grow. The bank decided to accept most foreign-issued identifications, allowed a low $50 minimum to open a checking account and offered low-fee remittance services. In 2000, it reached out even further by opening a full branch at a nearby high school...

Those "foreign-issued identifications" include the Matricula Consular card, a virtual guarantee that the bearer is an illegal alien. And, as discussed here and here, Mitchell Bank was involved in giving home loans to illegal aliens.

In other words, a part of the federal government is promoting profiting from money earned by those who broke federal laws. Those companies that profit from such illegal activity are not going to willingly let their customers be deported and will take steps such as donating to politicians who will fight against immigration enforcement. And, is part of that sleazy web of corruption.

Please click the contact link at the end of [1] and let them know what you think.