New Mexico House Passes Funds Bill
In a follow up to the "Move Your Money" campaign of New York pundit Arianna Huffington, New Mexico lawmakers may give credit unions and community banks a big boost when it comes to the deposit of public funds.
On a 65-0 vote, the New Mexico House adopted a public funds bill covering distribution of state monies for both CUs and small banks in a move that potentially could shift more than $5 billion from big money center banks.
Under the bill, which still faces state Senate action, the measure, which has been in the works since last year, tracks on the appeals of Huffington that individuals and organizations switch from big banks into smaller institutions with lower fees.
"I think Huffington gave this bill a little traction," said Juan Fernandez, vice president of government affairs for the Credit Union Association of New Mexico, which has been cooperating with the New Mexico Bankers Association in pushing the bill.