The Oregon Senate passed a bill to allow prize-linked savings in the state. It now goes to the governor for signing.
If the bill passes the Senate, it will be sent to Governor Kate Brown to be signed into law.
The bill heads to the Senate floor as its last stop before the governor’s office.
The bill, which is supported by the NWCUA, now moves on to the Senate.
House Business and Labor Committee unanimously votes to send prize-linked savings bill to the floor for a vote.
Oregon credit union charter update bill SB 582 passed the Senate last week. This week, prize-linked savings bill got a hearing.
Two major issues of interest to credit unions – possessory liens and prize-linked savings — are still alive as the Oregon Legislature enters its fourth week of a short session.
Next Monday, six Washington credit unions will launch Save to Win, a program that offers consumers a chance to win monthly and annual cash prizes as a reward for building financial assets.
Washington credit unions may finally be well-positioned to offer prize-linked savings accounts, thanks to funding approved by the Northwest Credit Union Association board and a new operations model offered by the Michigan Credit Union League.
At least eight Northwest credit unions have expressed an interest in a collaborative launch of prize-linked savings programs in early 2012. Larger credit unions are being invited to join the effort.
A survey of Washington credit union CEOs revealed 12 interested in offering prize-linked savings programs to members by early 2012. An â€œIdea Exchangeâ€ at the NWCUAâ€™s Convention and Annual Business Meeting will provide more information for industry leaders.
Prize-linked savings accounts have turned un-banked consumers into savers in Michigan. Some Washington credit unions are considering launching similar programs by taking advantage of legislation passed this year. The NWCUA will lobby for a similar law in Oregon next year.
Governor Chris Gregoire will sign the prize-linked savings bill, successfully bringing to an end months of work by the Association’s legislative affairs staff.