Should local governments use local banks or credit unions?03/20/13 Janelle Irwin
Last Call Wednesday | Listen to this entire show:
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 A measure in both chambers of the Florida legislature would overturn the outdated law.