Wednesday, February 10, 2010

New Mexico moves to move their money--why not you?

The New Mexico House of Representatives has passed a bill enabling the possible switch of $2-5 billion in state deposits to accounts in community banks and credit unions. Thus far, large national banks, like Bank of America and Wells Fargo, have held the funds.

The New Mexico effort got a mention on the Huffington Post, and a credit union executive said that the media spotlight helped get the bill through the House.

You can read more about the New Mexico vote here, and learn more about the Move Your Money initiative here.

Move your money notes that states and local governments have a total of $230 billion in the nation's largest banks. But it's community banks that do the lion's share of lending to small and new businesses, a key source of credit for a rejuvenated economy.

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