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A Win for Oregon Credit Unions; Credit Union Act Update Passes and Heads for Governor Brown’s Desk - April 24, 2019

Lynn Heider

The Oregon Senate has unanimously passed HB 2426, updating the Credit Union Act. The bill now moves to Governor Kate Brown for her signature. Sen. Alan Olsen (R-Canby) carried the bill on the floor.

The NWCUA-backed legislation was developed in collaboration with member credit unions. It makes three changes to the Act as it relates to board governance including:

  • Removing the terms of officers from one year, as stated in the law, to allowing bylaws to prescribe;
  • Changing the statute to allow for electronic annual meetings; and
  • Updating the federal parity provisions in Oregon law.

Another NWCUA priority bill is HB 2425, relating to electronic signatures. That legislation passed the Oregon House on Feb. 25 and is scheduled for a hearing in the Senate Thursday, April 25.