Oregon Legislative Week in Review

Credit Union Act Modernization. The Association’s credit union modernization bill, Senate Bill 177 received its work session yesterday at 1:00 p.m. before the Senate General Government, Consumer & Small Business Protection Committee. The bill received a unanimous due pass recommendation from the committee.

There were three amendments, including a much-negotiated amendment offered by Committee Chairman Chip Shields (D), which requires that in the event of a merger:

  • A credit union that has a website or blog established for members to post to, the credit union can direct a dissenter to that forum;
  • If a credit union does not have a website/blog for member posts, and is only doing the official mailing (meeting notice and merger plan), the credit union will give the member the cost of doing a separate mailing and the member will pay that cost;
  • If a credit union does not have a website/blog for member posts, and is doing a voter’s guide or similar mailing, the credit union will add the member’s statement to the voters guide. The member will pay the credit union for the cost of inserting the statement; and
  • The credit union can decline to include statements if they are defamatory, personal, unrelated to the merger, etc.

During the work session, Senator Shields expressed his appreciation to the Association several times for working with him on his amendment. The bill has now been referred to the Senate floor.

Interchange Fees. Senate Joint Memorial 18, which urges Congress to protect the debit card swipe fees “reforms” created by the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, received a public hearing and work session before the General Government, Consumer & Small Business Protection Committee on Monday, April 4. The committee voted in favor of the memorial, and passed it to the Senate floor, for full Senate consideration. The Association communicated its opposition to the Memorial to members of the committee in advance of the hearing. (It is worth noting, however, that memorials have no real operative effect and are only a message to Congress from the state legislature.)

Voluntary Public Funds Insurance. Senate Joint Memorial 10 and House Joint Memorial 10 both urge Congress to enact legislation that will assist the FDIC and NCUA in establishing a system of voluntary full insurance for public funds accounts. The memorials assert that the current system of state-by-state collateralization schemes would benefit by the creation of a federal (voluntary) system. SJM 10 received a hearing before the General Government, Consumer & Small Business Protection Committee on Monday, April 4, and is scheduled for a work session on April 18. HJM 10 received a hearing before the General Government & Consumer Protection Committee on Tuesday, April 5, and is scheduled for a work session on April 14. The Association worked with the Oregon State Treasurer to add our support for both memorials to his testimony.

Questions? Contact a member of the Association’s Legislative Affairs team:

Jennifer Wagner, Director of Legislative Advocacy
Stacy Augustine, Senior Vice President & General Counsel
 

Posted in Advocacy News, Business Solutions, Industry Insight.