Interest in the idea of public banks — that is, banks that are owned by states or cities rather than by shareholders — grew in the wake of the financial crisis and various banking scandals, including Wells Fargo’s 2016 admission that it had created millions of unauthorized accounts. The movement has also picked up some new backers in the cannabis industry, who hope public banks would be willing to work with them.

Source: Los Angeles Times November 07, 2018 18:31 UTC