Oregon Legislature Passes Credit Union Charter Enhancement Bill

The bill to update the Oregon credit union charter passed unanimously out of the Oregon House of Representatives on Thursday. It now moves on to Governor Kate Brown to be signed into law.

“The passage of this bill marks a very successful legislative season for Oregon credit unions,” said Jennifer Wagner, senior vice president of advocacy for the NWCUA. “Their commitment to building relationships in Salem and communicating the value they bring to their communities paved the way for this year’s legislative successes.”

The bill, SB 582, makes the following changes to the Oregon Credit Union Act:

  • It allows Oregon State Chartered Credit Unions the option to provide reasonable compensation to their directors
  • It removes the membership share requirement for State Chartered Credit Unions
  • It clarifies that foster children are eligible for membership
  • It removes the requirement that the DCBS approve new branches

The bill joins HB 2893, the bill to bring prize-linked savings to Oregon financial institutions, as marquee successes for the legislative advocacy of Oregon credit unions.

“Oregon legislators know the value of credit unions,” said Pam Leavitt, Oregon policy advisory for the NWCUA, “and they support credit unions’ mission as not-for-profit, member-driven cooperatives. We are grateful that they unanimously stood behind this bill to advance the credit union charter.”

Northwest credit unions also enjoyed success in Washington, with that state’s charter enhancement signed by Washington Governor Jay Inslee on April 25.

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

Posted in Advocacy News, NWCUA.