Old Glory Bank CEO and Emerald Robinson, host of The Absolute Truth, discuss the solutions to the alarming trend of debanking.In an appearance on Emerald Robinson's show The Absolute Truth, Mike Ring, CEO of Old Glory Bank, discussed his appearance at the Senate Hearing on Debanking. He highlighted the concerning behavior of large banks, explaining that "Big Banks pick and choose winners they care about, and that is why we need a market solution."Emerald Robinson, who was personally debanked in 2020, also shared her experiences, underscoring the real-world impact of these banking practices. Ring emphasized the need for a more equitable and market-driven approach to banking, critiquing the selective practices of major financial institutions that can create unfair advantages for certain entities while sidelining others. He also expressed his desire to make it easier to open more banks, believing that increased competition in the banking sector would help create a more accessible and fair environment for all consumers.Ring pointed out the troubling trend of declining bank startups, stating, "In the last two years, 229 banks closed and only 8 were started." This statistic highlights the challenges faced by new banks in a market increasingly dominated by a few large institutions. The conversation focused on the necessity of finding alternative solutions that ensure broader accessibility and fairness in the banking industry.
