Maps CU’s Jake Stai Informs Oregon House Committee About Account Closures

At a hearing March 6, the Oregon House Business and Labor Committee considered legislation relating to account closures by financial institutions. HB 2218 would require financial institutions, “when unilaterally closing accounts” to notify the account holders of the reasons.

Your Association did not take a position on this measure but accompanied a member advocate who provided expert testimony. Jake Stai, Director of Compliance and Asset Protection for Salem-based Maps Credit Union, assured committee members that credit unions do generally provide members with advance notice before closing an account, particularly if there are funds to be returned. Stai, far left in the photo, joined two other financial industry representatives in offering testimony.

“Credit unions are already subject to heavy regulation and oversight from their primary state and federal regulators.  A member who believes their account has been mishandled can file an official complaint to the appropriate regulator,” Stai assured committee members.

The Committee did not advance the measure.

Testimony from credit unions’ perspective is important even in cases where proposed legislation is not specifically advocated for, so lawmakers can make informed decisions.

Posted in Advocacy on the Move.