Five Questions Eric Hovde Needs to Answer Amid News His Bank Works With a Mexican Bank Long Reported to Have Ties to the Cartel

MADISON, Wis. — Yesterday, Eric Hovde dodged questions from reporters in La Crosse about his bank’s business dealings with Banco Azteca, a Mexican bank long reported to have ties to the cartel.

Last week, the Milwaukee Journal Sentinel reported that in December 2023, Banco Azteca flew $26 million in cash over the U.S.-Mexico border directly to Eric Hovde’s bank in California.

Eric Hovde owes Wisconsities answers:

1. As of 2021, Banco Azteca had no correspondent banks in the United States, as they were cut off over ‘risk and security compliance’ concerns. Why did Hovde decide to accept $26 million in cash flown over the border from them in 2023?
2. Is Hovde concerned about doing business with Banco Azteca, given their alleged ties to the Mexican drug cartels, including the Sinaloa cartel? 
3. Does Hovde plan to continue doing business with Banco Azteca and other unknown foreign banks and governments, from which he has taken over $100 million?
4. Does the Treasury Department’s announcement yesterday that they will be cracking down on businesses connected to drug cartels make Eric Hovde second guess his business relationship with Banco Azteca?
5. Which other foreign entities is his bank doing business with? China? Russia? Iran? 

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.