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Maryland lawmakers join Move Your Money groundswell
ANNAPOLIS, Md. (3/9/10)--The Maryland General Assembly is considering legislation that would give credit unions and state-chartered banks an advantage when bidding to serve state agencies or local governments. The potential legislation comes in the wake of The Huffington Post’s recent Move Your Money campaign, which tells consumers to switch their deposits to credit unions or small banks from big banks that benefited from taxpayer bailouts and now are reluctant to lend (Baltimoresun.com March 7). “While you should switch banks only if it makes financial sense, the Move Your Money campaign does nudge us to review our relationship with banks,” wrote Eileen Ambrose, personal finance columnist for the newspaper. “That’s something all of us should do more regularly.” “Credit unions also are fans of the Move Your Money campaign, and some have started using the theme in their marketing, Mark Wolff, spokesman with the Credit Union National Association,” said in the article. The New York Times also noted consumer animosity toward big banks in an article titled “A Banking Battleground,” by Hannah Fairfield. “Tales of reckless lending and huge compensation for executives have led to major animosity toward major banks,” Fairfield wrote. “A ‘Move your Money’ groundswell was ignited in January by Arianna Huffington of The Huffington Post and Rob Johnson, director of the Economic Policy Initiative at the Roosevelt Institute. Their hope is to spur reform at megabanks by encouraging people to move their money to smaller community banks and credit unions.” To read the articles, use the links.
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