MADISON, Wis. (11/22/11)--Seattle and Portland, Ore., are considering moving public funds to credit unions from banks in response to Bank Transfer Day and the Occupy movement.
By a 9-0 vote, the Seattle City Council adopted a 12-part resolution Nov. 14 "to review its banking and investment practices to ensure that public funds are invested in responsible financial institutions that support our community."
The resolution was sponsored by council members Nic Licata and Mike O'Brien, who both announced they were joining credit unions on Bank Transfer Day, according to the Northwest Credit Union Association (Anthem Nov. 15.)
The resolution presents opportunities for partnership on common issues before the state legislature, according to Mark Minickiello, league vice president of legislative affairs.
"The resolution ties the city of Seattle to issues of public funds and member business lending--two issues that credit unions have an interest in," Minickiello told newspaper.
Portland Mayor Sam Adams said Wednesday he would pursue moving some of Portland's public funds to credit unions after being challenged to do so by mayoral candidate and state Rep. Jefferson Smith (D) (OregonLive.com Nov. 21).
Portland has millions of dollars deposited with Wells Fargo, a target of Occupy protesters.
The topic was introduced at a Portland City Council meeting by city resident Todd Olson, who said transferring funds would address the "gross inequity" that led to the Occupy protest in Portland.