“Lobbyists?” USAA has 7.2 million of them, thank you very much

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.”

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