this post was submitted on 13 Dec 2023
424 points (100.0% liked)

196

16412 readers
1210 users here now

Be sure to follow the rule before you head out.

Rule: You must post before you leave.

^other^ ^rules^

founded 1 year ago
MODERATORS
 
you are viewing a single comment's thread
view the rest of the comments
[โ€“] my_hat_stinks 2 points 10 months ago (1 children)

Ironically enough it's the opposite. Banks answer to shareholders, building societies answer to its members. Building societies compete with banks, if they're unheard of in the US that certainly does explain the state of the US banking system.

[โ€“] [email protected] 2 points 10 months ago

We don't have building societies in the US, but we do have similar institutions called credit unions.