Should local governments use local banks or credit unions?

Tags: Steve Kornell, St. Pete City Council, Bank of America, Jared Ross, credit unions, buy local

St. Petersburg City Council member Steve Kornell will ask his board members not to renew a contract with Bank of America because he worries some homeowners are being mistreated by the "too big to fail" bank.

Kornell is also backing a measure to use a local bank for some of the city's business.

Right now credit unions are off the table because a state law prohibits local governments to bank with them.

Jared Ross, vice president of governmental affairs for the League of Southeastern Credit Unions and Affiliates is trying to change that. A measure in both chambers of the Florida legislature would overturn the outdated law.