(Border Bank closures is a serious problem)…And it could get worse.
Danny Fitzgerald of the Calexico Chamber of Commerce told a recent round-table discussion that Rabobank and Chase have already closed their doors in Calexico, and Bank of America has announced they will do the same in Mid June. He said 8 banks have pulled away from San Ysidro. The reason, according to reports, is stronger federal regulations on banks operating within 25 miles of the international border. The regulations are said to deter money laundering, but they have put a burden on the Bank’s operations. Fitzgerald said the closures could spread to El Centro and Brawley. The Calexico Chamber and the County have been in contact with federal legislators in an attempt to find a solution. District One County Supervisor John Renison says the County is also asking the Border Trade Alliance to become involved in the issue. Congressman Juan Vargas’ office says they, too, are actively seeking a solution.