One of my best clients runs a real estate investment company that was originally established by his grandfather as a lender for immigrants from Europe who didn’t trust banks. I’ve learned many lessons from him over the years, and I think the market is ripe for this kind of alternative financing institution in the U.S.
In Canada there are provincial chartered banks and credit unions, but one of the risks is that all the bank to bank payments clear thru Payments.ca, which is a member controlled entity.
In the USA there is more than one Automated Clearing House, but if all these entities act together, they can debank targeted institutions and groups, just like all the social media companies censored off election “deniers”, vax critics etc.