“Our proposal is not some assault on Wall Street — indeed, our modest local government resources won't break or make big banks,” Smith said in a letter to supporters. “At its core, our proposal is about how we operate as a city and how we try to grow our economy. Not-for-profit financial institutions, like credit unions, don't pay boards or stockholders, meaning they are able to offer depositors advantageous interest rates, and a credit union's earnings are more likely to stay within the local area.”

Meanwhile, Seattle City Council voted unanimously last week to review the city's funds practices that could lead to the removal of city funds from large banks. The resolution was sponsored by Councilmen Nick Licata and Mike O'Brien, both of whom announced on Bank Transfer Day that they were joining CUs.

In Oregon, Smith said in his letter that as Occupy's “99% movement take shape, many of us are wondering what we can do to invest in Main Street more than Wall Street. I'm writing to ask you to join me because there is something modest and tangible that Portland can and should do.”