Los Angeles study says costs of creating a bank could be 'exorbitant'
LOS ANGELES - It would be difficult for the City of Los Angeles to create a bank to handle business from the marijuana industry, a report released this month says.
The report, by the city's chief legislative analyst, identified several potential roadblocks, including the need for changes to state and city law and potentially "exorbitant" startup costs.
"Formation of (a public bank) under existing law and regulation would be a very difficult process, would be very costly, and would result in an institution that would not likely qualify to receive city business," the report
