Portland Continues ‘Responsible Banking’ Push as Unitus Receives Public Funds Deposit
June 28, 2012
June 28, 2012
Unitus Community Credit Union is the latest Oregon credit union to receive a public funds deposit from the city of Portland. The city passed a Responsible Banking Resolution in May, beginning a process of working more closely with local financial institutions. OnPoint Community Credit Union and Advantis Credit Union each received deposits in May.
Information posted on the city’s website showed that eight financial institutions had received deposits from the city as of the end of last month. Unitus was one of two additional institutions listed that had not yet taken a deposit.
“The process had already started,” said Portland City Treasurer Jennifer Cooperman. “We couldn’t legally say that the deposit was made as of May 31, so as of May 31, the two credit unions that had money on deposit from the city of Portland were Advantis and OnPoint. If you look in a couple weeks when we post the June 30 information, you will see some updates, some additions to that.”
Laurie Kresl, Unitus’ vice president of planning and business development, confirmed that the credit union received a public funds deposit in June. Cooperman couldn’t disclose the details but said that “during the course of the month, we did make additional deposits.” The eight deposits reported by the city in May were each for $250,000.
“The official information is what’s on our website, and that’s as of May 31,” Cooperman said. “The Responsible Banking Resolution obligates us to post that information every month, and we’ll be doing it as of month’s end every month.”
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