In July 2008 the State Treasurer’s Office (STO) released a document titled “CD Program Enhancement – Due Diligence.” In the document the STO expressed concern with regard to the return and safety of funds in the Certificate of Deposit (CD) Program managed by the State. The State now requires money market rates approximate to the London Interbank Offered Rates (LIBOR) for the CD program. Discounts or premiums can be negotiated depending on the risk profile of the institution participating in the program and automatic renewals will no longer take place. The Independent Community Bankers Association of New Mexico (ICBA/NM) became concerned that this change in policy would have an adverse effect not only on the organization’s members, but also on the State’s economy. The ICBA/NM contracted with Arrowhead Center at New Mexico State University to analyze the impacts of the changes in policy.