First Deadlines Hit Oregon Capitol

There are several established deadlines in a Legislative Session, and the Oregon Legislature is reaching the first of those deadlines.

As of last Friday, any bill in a committee in the Chamber of Origin (that means Senate bills in Senate committees and House bills in House committees) must be scheduled for a hearing and work session or it will not be considered in this Session.  The exceptions to this rule are bills in Revenue Committees, Rules Committees, and Ways and Means Committees.  Those committees stay open basically until the end of the Session.  Having these deadlines is necessary for the Legislature to be able to finish their work on time.

The deadline for bills moving out of committees is on Tuesday, April 18th.  In that time frame bills will be sent from committees to the Floor for a vote, but there will also be a fair number of bills sent to committees that are still open, and this can be a problem.

We have reported about two priority bills that the Northwest Credit Union Association is working on:

HB2161: A bill to update the Oregon Credit Union Act. The bill makes four changes to the Oregon Credit Union Act including allowing our regulator to set the minimum number of board meetings, making important changes to process for submitting bylaw changes to DCBS, updating rules on closing members account, and finally updating the federal parity provisions in Oregon law.  This bill passed the House by a vote of 56-0 and is awaiting Senate action.

HB2581: A bill to address the significant and growing problems associated with data security breaches that compromise the confidentially of financial and personal information of credit unions and their members. This bill had a hearing in the House Business and Labor Committee.

Here are a selected few of the over 75 bills in the Oregon House and Senate the Norwest Credit Association is working on for your behalf:

Other Bills of interest

HB2229: We support Rep. Gene Whisnant’s bill to increase financial literacy efforts in Oregon. HB2229 that would support our continuing goals of giving students personal financial management skills by teaching the basic principles involved with earning, spending, saving, and investing money. We testified in support.

SB254 – SB254: requires financial institutions to participate in data match system established by Department of Revenue to identify assets held at financial institutions by delinquent debtors.

SB254: would be set-up as a similar program and requires financial institutions to develop data match agreements with Department of Revenue to identify assets held at financial institutions by delinquent debtors. Oregon credit unions worked on this bill to enhance the Department of Revenue’s ability to collect tax obligations efficiently.

SB 996, HB 3314, HB 3367: These bills work to set-up Children’s Savings Account by working with the State of Oregon and financial institutions. Children’s Savings Accounts fit well with our longtime goals of financial security to Oregonians. The bills will create an incentivized savings account, a Children’s Savings Account, for each child at birth in Oregon.  The plan is designed to leverage the investments of the state, community institutions and partners, and the savings of children and families to build savings toward post-high school education and training.

HB2622: is a bill that, among many things, authorizes financial institution to refuse certain financial transactions when financial institution reasonably believes financial exploitation of vulnerable person may have occurred, may have been attempted or is being attempted. Recognizing elder financial abuse is a crucial step in combating this abuse, our diligent training will put credit unions in a position that will help their elderly members and continue to allow credit unions to uphold their members’ trust.

SB849: will create the Oregon First-Time Home Buyer Savings Account Act to allow individuals to create first-time home buyer savings account with financial institution to pay or reimburse qualified beneficiary’s eligible costs for first-time purchase of single family residence.

HB2463: would permit ODOT to allow credit unions to participate in DMV’s Electronic Vehicle Registration Program. We believe that the HB2463 is the type of common sense legislation and its passage creates efficiencies for all interested parties. We will continue to work with DMV as they look to upgrade their systems and improve efficiencies.