One thing I learned by reading this shaky opinion piece on what consumers can do to change the banking system is that the state of North Dakota operates the nation's only state-owned bank, the Bank of North Dakota.

In contrast to most commercial banks, Bank of North Dakota (BND) is not a member of the Federal Deposit Insurance Corporation (FDIC). North Dakota Century Code 6-09-10 provides that all BND deposits are guaranteed by the full faith and credit of the State of North Dakota.

The deposit base of BND is unique. Its primary deposit base is the State of North Dakota. All state funds and funds of state institutions are deposited with Bank of North Dakota, as required by law. Other deposits are accepted from any source, private citizens to the U.S. government.

There is a surprising amount of material that speaks favorably of structuring consumer banks in this way, and as of earlier this year, five states had legislation pending that sought to establish state-owned banks.

It's a good topic to keep an eye on.