American Banker examines USAA’s efforts to mobilize its customers to support the company’s position on the regulatory reform bill.
While most observers said it is rare for a bank to attempt to use its customers as lobbyists, they also agreed it is a tactic that could work.
“Nothing influences a wavering member of Congress more than hearing from his constituents,” said Jaret Seiberg, an analyst at Washington Research Group, a division of Concept Capital. “Each constituent who calls is far more effective than a lobbyist visit. The real question is whether a bank can actually rally its customers. I think that’s a harder task.”