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.
The measure, given national publicity as an outgrowth of the "Move Your Money" campaign of New York political pundit Arianna Huffington, failed to reach a Senate calendar for bill consideration.
The measure, sponsored by Rep. Brian Egolf, (D. Santa Fe), had earlier passed the New Mexico House on a surprising 65-0 vote but backers feared opposition from money center banks including Bank of America and Wells Fargo, who are current holders of state accounts.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
