Oregon Legislative Update: Charter Update Passes Senate

It has been a big week for credit union bills in Oregon. Last week, SB 582, the bill to update the Oregon credit union charter, passed the Senate. It now moves on to the Oregon House, where it will receive a reading and a committee referral.

SB 582 contains one operational change regarding branching, one technical amendment related to membership of foster parents, and a change regarding governance in order to permit credit unions to compensate directors and supervisory committee members.

On Monday morning, a bill to bring prize-linked savings to Oregon financial institutions, HB 2893, received a hearing in the House Committee on Business and Labor. Peninsula Credit Union President and CEO Jim Morrell testified in support of the bill, along with NWCUA Policy Advisor Pamela Leavitt.

“The beauty of prize-linked savings is that there is no way to lose your money,” said Morrell. “Your deposits are your savings. You earn slightly more in interest. And you have the opportunity to win cash prizes. In addition, there is a positive motivation for you to save more money so that you have more entries to win.”

The bill now awaits a committee vote.

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

 

Posted in Advocacy News.