Politicians in several states and of varying ideologies are turning the screws on financial institutions, attempting to use them as pawns to force themselves into the culture war headlines. It is everyday customers, however, who stand to lose.
“Debanking” laws in Florida and Tennessee, which went into effect July 1, are the latest examples. Both laws insert government into the relationship between customers and national banks to advance agendas that directly conflict with federal law. As retribution, state government bureaucrats brandish investigations, enforcement actions, fines, and even customer lawsuits.
Read Full Article »
