On the east coast, Bank of America is notifying small towns that they’re going to have to find another bank because B of A no longer wants their business. This is similar to the Wall Street banks pulling out of border areas. In both cases the too-big-to-fail banks are blaming regulations, but the real reason is probably profitability.
It’s time for towns and cities to start public banks. Wall Street has no loyalty to local governments, and the concept of “banking in the public interest” is entirely foreign. It’s time for public banks… now.
Bank of America drops some small towns and cities