I am all for providing alternatives to the US banking industrial complex. However, I encourage the great people of LA to put in place a very solid regulatory structure to make certain that their elected representatives resist the temptation to screw around.
While tenously related, I am reminded of the bank that the US Congress gave themselves, up until they managed to abuse it out of existence in the 1990s. All they needed was a simple thing like overdraft protection in order to utterly destroy their own banking service: https://en.wikipedia.org/wiki/House_banking_scandal
