Latvia purposefully destroyed its banking sector by Washington’s request. The thing is capital withdrawal and money laundering are too profitable of a business to give it away to dependent vassal states. It is even truer during present hard times when every single penny counts.
This is a conspiracy theory consistent with the lost sovereignty / external control narrative.
Latvia was indeed hit by scandals related to its banking system in 2018. To address the problem, in April 2018 Latvia's parliament adopted a law aimed at reducing and eventually eradicating money laundering. It is, however, an ungrounded claim that Latvia destroyed its banking system to please the US. The country's banking system has, on the contrary, become more stable in some respects in recent years. When it comes to foreign deposit levels, they decreased from over 50% in 2015 to around 20% in 2018, a report of the governmental Financial and Capital Markets Commission says. A lower level of foreign deposits serviced by Latvian banks means reduced risks.
See earlier disinformation case alleging that Latvia is under external control.