(Congressman asks FDIC and OCC to hold a Calexico workshop)….Congressman Juan Vargas wants them to address the banking problem.
Banks along the border are pulling out due to stringent and time consuming money laundering regulations. County Supervisor John Renison released a letter written by Vargas to the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. In the letter the Congressman says the Bank Secrecy Act and other money laundering laws need to be explained to the banking community, as well as merchants and the general public in border cities. Vargas says in the letter that the FDIC and OCC are holding a workshop in Nogales, Arizona to address the issue. He says his 51st Congressional District is being hard hit by the bank closures. He said at least one workshop should be scheduled for Calexico and other areas in the Congressional District. The letter was sent Friday. There has been no response, yet. Rabobank, and Chase Banks have already pulled out of Calexico. Bank of America says they will close their doors in Calexico in mid June. Several banks have closed down in the San Ysidro area.