Oregon Legislative Update: Credit Union Bills Beat Deadlines

This Friday, June 5th, is the last day for most policy committees to take action on bills. That means that any bill that has not passed out of the committee at that point is, in the majority of cases, dead. 

Two credit union priority bills are safe and sound, and one has already been signed into law. HB 2893, the bill to bring prize-linked savings to Oregon financial institutions, passed the Oregon legislature and was signed by Governor Kate Brown on May 21st. It will go into effect January 1, 2016.

SB 582, which updates the Oregon Credit Union Act, already passed the Senate unanimously and was recently passed out of the House Business and Labor Committee. It now awaits a vote on the House floor before heading to the governor’s office.

Here is an update on other NWCUA priority bills:

Advertising of Mortgage-Related Services

The bill is related to the advertising of mortgage-related services and provides that material misrepresentations in commercial communications about mortgage credit products constitutes unlawful trade practice.  NWCUA provided testimony on the current state and federal regulations that oversee mortgage products.  We worked with Rep. John Lively, who introduced the bill, on possible language that we can all agree on. 

The bill passed the House and is now in the Senate Business and Transportation Committee.

HB 2282A – ODOT Electronic Documents

In 2014, Oregon credit unions began the process of discussing a variety of legislative and regulatory issues that could be addressed in the 2015 legislative session to help them better serve credit union members.  One issue that kept coming up was the process for submitting documentation to the Department of Motor Vehicles (DMV) to change ownership and lien information on vehicle title certificates. Because this is a key part of the process for completing a car loans, our members asked that we begin discussions with the DMV on the issue of electronic titling along with electronic signatures. The amendment, which replaces HB 2282, allows ODOT to receive electronically transmitted documents. 

The bill passed the House and is awaiting action in a Senate Committee.

HB 2889 – Foster Youth Accounts

The Northwest Credit Union Association has been pleased to work with Children First for Oregon and other interested parties to make it easier for Oregon foster youth to open and maintain savings accounts. The amendment to HB 2889, as proposed, is the result of collaborative efforts to achieve the common objectives and address the reasonable concerns of all interested parties. The goal of the bill is to support Oregon’s foster youth in opening up savings accounts. 

The bill passed the House and a Senate Committee and will be heard on the Senate floor soon.

SB 601 – Identity Theft and Data Breaches

SB 601 is a bill to expand the current Oregon Consumer Identity Theft Protection Act.  The bill will improve enforcement and notification requirements for breaches of security involving personal information and give the Attorney General’s office tools to track and enforce data breaches in our state. Credit unions are very interested in this issue because of the ongoing rise in the prevalence and costs of data breaches. 

The bill passed the House and Senate and is awaiting the Governor’s signature.

HB 2996 – Oregon Center for Cyber-Excellence

HB 2996 establishes the Oregon Center of Cyber-Excellence (OCOE) and defines the purpose of the center. The Oregon Center for Cyber Excellence’s primary mission is to serve Oregon businesses, citizens and government agencies with awareness, prevention, management and security of cyber issues. 

The bill was sent to the Ways and Means Committee where it awaits further action.

HB 2415 – DHS Bill

This bill requires financial institutions or credit unions to respond to demands from the Oregon Health Authority or Department of Human Services for moneys deposited to credit of a deceased depositor or member, by disclosing the amount on deposit for each account in which the deceased depositor or member held ownership interest, and the name and address of any person who held ownership interest in each account. 

The governor signed this bill on May 21st.

HB 2897 – Veterans Affairs Loan Bill

This bill directs the Department of Veterans’ Affairs to develop a program under which the department, pursuant to contracts with credit unions, provides loan guarantees or credit guarantees for qualified veterans for the purpose of refinancing existing purchase-money mortgages or similar mortgages of homes used primarily as principal residences by veterans. 

The bill was sent to the Ways and Means Committee where it is awaiting further action.

HB 2663 – Access to Banking Accounts

This bill requires financial institutions to permit individuals convicted of a crime access to banking and financial services. The bill was referred to the House Consumer Protection Committee and will not be moving before the deadlines. 

SB 462 – OBA Bill on Secured Transactions in Personal Property

This bill requires the name of the individual debtor as indicated on an unexpired driver license or identification card for sufficiency of name on a financing statement, and provides a phase-in period for financing statements perfected under current law. 

The bill passed the Senate and a House Committee.

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

Posted in Advocacy News.