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City of Phoenix Initiative Filed Proposing Credit Unions Instead of Banks

Phoenix City Council 4-2-14
Phoenix City Council 4-2-14
Leonard Clark 2014

Reporting from Phoenix City Hall: A group of citizens calling itself: Stop Chase Bank ! In Support of Ballot Measure I-3-14 has started a Political Action Committee and filed an initiative today with the city of Phoenix clerk's office. The group, among other things is hoping to convince at least 50,000 registered Phoenix voters that making the city of Phoenix deposit it's monies with a Not For Profit community bank rather than a For Profit bank would be much better for its citizens. The group also is greatly concerned and frustrated with the fact that the city of Phoenix uses Chase Bank as its primary bank to draw off of. They say that Chase bank has been involved in many controversial and allegedly criminal schemes that harmed and still harm its customers.

When asking citizens at Phoenix city hall how they felt about this initiative to require Phoenix to use a Not For Profit bank instead of a For Profit bank, citizens had mixed emotions and some felt that they did not understand enough about the subject to make a decision either way at the time being asked.

The city of Phoenix gives citizens six months to obtain the proper amount of signatures. If after six months the required amount of signatures on petitions in favor of the initiative are not filed, the city clerk would then dispose of all those signatures. In addition, if the organizers of this initiative did not garner the required amount of signatures in the required time frame, they would have two years from the time of the filing of the initiative to keep the committee open all the while every six months trying to gather the required amount of signatures.