Move Your Money

Steve Verdier, the Executive Vice President of the Independent Community Bankers of America went on C-SPAN’s Washington Journal to discuss the state of community banks and how things are shaping up under new financial regulation. While on the program, he was asked by a viewer if the ICBA has seen an increase in community bank customers who had left their big banks in exchange for something smaller. For that, Verdier had to credit the Move Your Money campaign.

I think some of our banks have seen that and I think some of the state and local governments have tried that as well. I think there’s kind of a “Well, it’s just easy for us to put all of our money into one of the big banks,” but It really makes sense for a state or local government to think, “Where is that money going to be invested?” And if you put it into a local bank it’s going to be invested locally, and that’s, I think, an important government function as well. It might take a little more paperwork, but I think the payoff is going to be terrific if they do that.

Unfortunately, it’s difficult to track the exact amount of money moved to local financial institutions, but we’re glad to hear that the Independent Community Bankers of America are on board with our effort. And we agree that more towns and states need to think about keeping tax dollars in financial institutions that invest in their community, not Wall Street.

Watch the whole interview on the Washington Journal website. The question about the Move Your Money campaign start at about 26:00.