Oregon Credit Union Act Update Legislation Passes House 58-0

The measure heads for the Senate as NWCUA continues to guide two other priority bills.

Oregon state capitol building in Salem.

2/12/2019

The Oregon House of Representatives voted 58-0 last week to pass legislation updating the Oregon Credit Union Act. HB 2426 was proposed by the Northwest Credit Union Association and developed in collaboration with member credit unions. The bill passed unanimously out of the Business and Labor Committee earlier in the week and is now being considered by the Senate.

Three simple but important changes the legislation proposes are:

  • Removal of the set terms of officers in the statute, allowing credit unions’ bylaws to prescribe the term of office;
  • Updating the date in the Act to allow credit unions to “Exercise Powers of Federal Credit Unions,” otherwise known as the “strike date;” and
  • Removal of the word “place” in the section outlining the requirement for annual meetings so administrative rules can be written allowing for electronic annual meetings.

The bill was carried to the House floor by Rep. Shelly Boshart Davis (R-15).

“Oregon’s credit unions serve over two million members—your constituents,” said Boshart Davis. “Credit unions provide the financial services consumers want—home loans, car loans, business loans, savings and checking accounts, financial counseling, and financial education programs. I urge your “aye” vote.”

Pamela Leavitt, your Association’s Policy Advisor for Oregon State Advocacy & Grassroots, is guiding two additional priority bills through the legislative process and tracking hundreds of other measures of potential interest to credit unions.

The 2019 Oregon Credit Union Day at the Capitol is Feb. 20. Advocates are encouraged to show up in force to thank legislators for their support, and to encourage their support of continuing credit union initiatives.