In the news
Posted: September 14, 2012 at 3:11 a.m.
Ethan Clay, who has been ordered by the Pennsylvania Department of Banking to shut down the community bank he’s set up at the Oh Yeah ice cream and coffee shop in Pittsburgh, told the Pittsburgh Post-Gazette he’s not subject to the usual banking rules because his “bank” is actually a gift-card program that pays out its 5.5 percent monthly interest in a made-up store currency, an argument banking regulators don’t seem to be buying.
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Front Section, Pages 1 on 09/14/2012