Now this is a state heading in the right direction:

“The clash between banks and credit unions over public fund deposits took an unorthodox twist with community banks and CUs teaming up to pass, 65-0, a milestone bill in the New Mexico House.

The bill enables a possible switch of $2-5 billion of state funds into CUs and small banks.

If enacted, the municipal funds bill, in the works since last year and still subject to a Senate vote, would represent a setback to large national banks, like Bank of America and Wells Fargo, which have had a lock on such funds.”

The rest of the story here.