After millions of individuals moved their money from the megabanks into credit unions, city governments are following suit.
First it was Seattle and now Portland considering the idea of moving funds from banks to CUs in an apparent fallout from Bank Transfer Day and the Occupy movement in the Northwest.
Portland Mayor Sam Adams said this week he will pursue a plan to move Portland’s funds “out of national banks and into local credit unions” as part of a campaign to support local institutions.
An announced candidate in next year’s mayoral election, state Rep. Jefferson Smith, said he too shares Adams’ view.
Link
This is great news. If both candidates in a mayoral race are supporting move your $ that means this movement is really having an effect.
Of course the mayor didn't decide this out of the kindness of his heart. He was pushed by Occupy Portland.
PORTLAND, Ore. – Tens of thousands moved their money recently to a local bank or credit union. Now, a citizens group that includes Occupy activists wants the city of Portland to transfer its funds to all local institutions.
KATU
And Portland isn't the only city moving its money. Eugene, OR and Seattle are making moves as well.
In apparent fallout from Bank Transfer Day furor, Seattle City Council is exploring moving its public funds from banks to credit unions, though such future transactions would require clearing some legal hurdles.
In a 12-part resolution adopted last Monday, the council said it “will review its banking and investment practices to ensure that public funds are invested in responsible financial institutions that support our community.”
CU Times
This is awesome. With churches moving from BofA because of rampant foreclosures, and the Wisconsin Firefighters Union boycotting megabanks who donated to Scott Walker, we're beginning to see the next phase of the move your $ movement. Maybe it's time we encourage our churches, unions, local governments, and universities to put their money in local credit unions which actually support the local economy rather than gambling, foreclosing, and buying the government like the banksters do.
Let's contact our union leaders, college presidents, city councilcritters, mayors, priests, rabbis, mullahs, and ministers and ask them to get their money the fuck out of these shithole banks.*
*It's probably best to use more reserved language when talking to religious folk but you guys get the point.