City Council votes to explore banking alternatives for city funds
The Austin City Council decided take a closer look at where the city banks.
Last Thursday night, the council voted unanimously to explore options to divest its funds from Bank of America. Instead, city funds would be banked with locally-owned credit unions.
The action comes on the heels of a recent meeting with Occupy Austin’s Bank Action Team, the group of demonstrators tasked to encourage Austinites to pull their money out of major national banks.
The City Manager will return to the Council at the end of May with his recommendations.