Members of the Credit Union Association of New Mexico are getting a 20% rebate on their 2009 dues.
In what is being described as a "disappointing" industry defeat, the New Mexico Senate Thursday killed a House-passed bill, which would have funneled some $5 billion in state funds into community banks and credit unions.
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.
Fulfilling a five-year commitment, the Credit Union Association of New Mexico said this week it has now raised $1 million to build a pediatric emergency unit for the University of New Mexico Children's Hospital in Albuquerque.
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.