Bank of America Dumps Small Towns: Time for Public Banks

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

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One thought on “Bank of America Dumps Small Towns: Time for Public Banks

  1. It will be better for communities everywhere to have public community banks, not beholden to the giants that care so little for them. Public banks have the chance of reinvesting back into their local communities, unheard of in bigger banks. North Dakota has a strong history of public community banks and because of this they were able to weather the 2008 collapse better than all their other neighbor states. This is the way forward, stop feeding the beast, reinvest in your own community instead.

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