The concern among bankers, which may result in part from misconceptions about the requirements of the Bank Secrecy Act, was that they were being held responsible for monitoring the activities of their customers.
An institution can no longer be allowed to be registered to conduct the business of a bank and, then, simply to ride on the coat tails of the name “bank”, whilst at the same time not conducting deposit-taking business or not acting responsibly in the interests of the depositor base, but rather in the interests of an unobtainable share price.