The banking industry made a conscious decision to change the primary business model from community and retail banking to alternative business segments to maximize profitability at any cost and ignoring the risk. The banking industry made this decision, and the decision has left a widespread opening to meets the needs of the consumers and small businesses being sidelined in lieu of the banks realigning prioritization away from the retail model. In lieu of this move, the credit unions are pushing legislation in Congress to allow caps of business loans to be raised for the credit unions to allow these entities to fill a gap left in the marketplace. The banks are throwing every objection and obstacle to ensure this legislation never passes. However, the banks made a decision to give up this market. Doesn't that decision alone disqualifies the banks from any exclusivity in the business banking marketplace? The banking industry has become a multi-fractured monopoly. … [Read more...]
