Ethan Clay, Pittsburgh Man, Opens Ice Cream 'Bank,' Draws Regulator's Ire

09/13/2012 08:22 am ET

PITTSBURGH -- State regulators are cool on a Pittsburgh businessman's idea for a bank that pays interest in ice cream shop gift cards.

The Pennsylvania Department of Banking says they want Ethan Clay to shut down the community bank he's set up at Oh Yeah! ice cream and coffee shop.

Clay says he was motivated by unpleasant bank experiences to provide a simplified community bank offering savings accounts, check-cashing and loans. He calls the venture Whalebone Cafe Bank.

Regulators are unmoved. Banking department spokesman Ed Novak says if Clay doesn't close down "he will be hearing from the district attorney."


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