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.
The House-passed, anti-big bank public funds bill geared to funnel $5 billion in state funds into credit unions and community banks cleared a new hurdle this week in the New Mexico Senate.
The clash between banks and credit unions over public fund deposits took an unorthodox twist with community banks and CUs teaming up to pass, 65-0, a milestone bill in the New Mexico House.
Consumers are being driven in higher numbers to credit union Web sites as a result of the media and government focus on big bank practices, according to NAFCU and CUNA.
The $8.5 billion BECU of Seattle cited recently as a favored financial institution in the media and Congressional focus on big bank practices is prepping for a February marketing campaign tapping into the "mad as hell" sentiment.
Through ads, Internet postings and public statements, credit unions nationwide were enjoying the public rant against big banks last week highlighted in congressional hearings and in myriad network and cable TV news shows
The recent surge in favorable coverage of credit unions by the national media triggered a new ad buy by a Denver CU that mentions New York Internet publisher and blogger Arianna Huffington.