Oregon Legislative Update: Prize-Linked Savings Bill Passes Oregon House

House Bill 2893, which permits financial institutions to offer prized-linked savings accounts, passed the Oregon House today with a 59-0 unanimous vote, with one excused.

“This is a huge step to seeing this bill become law, and opening up new opportunities for the people of Oregon to save money and build financial strength,” said Pam Leavitt, Policy Advisor for the NWCUA.

The bill now moves to the Senate, where it will be heard and referred to a committee.

Prize-linked savings (PLS) is a tested and proven method to make savings more fun, which makes people more likely to save. When members save, they are entered into raffles for cash prizes. However, even if they don’t win a raffle, they get to keep every dollar they saved, plus interest.

“I am extremely excited to hear the great news out of Salem today,” said Peninsula Credit Union President and CEO Jim Morrell, who testified in favor of the bill. “Clearly the Oregon House of Representatives unanimously sees the benefit in encouraging people to save. PLS has proven extremely successful for Peninsula Credit Union. I get super excited to know this type of positive credit union impact may soon be extended across our entire region.”

Morrell also shared the stories of two members who have benefited from prize-linked savings at Peninsula. “Jenny opened her prize-linked savings account because she felt that if the money was simply in her savings account, she would end up spending it,” said Morrell. “And Margarita started a prize-linked savings account to save for a family vacation. She wants to take her four kids to the Philippines to see her homeland.”

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

Posted in Advocacy News.