Oregon CU Priority Bills Pass, Head to Governor’s Desk
Posted by Lynn Heider on May 19, 2021
By a vote of 27-1, the Oregon Credit Union Movement’s priority bills passed off the Senate floor Wednesday, the final stop before being presented to Governor Kate Brown for her signature.
HB3079 makes three changes to the Oregon Credit Union Act:
- Update to Parity Provision – The bill will update the strike date (“as of” date) in the Act’s federal parity provision whenever Act is updated.
- Emergency Mergers – Oregon’s credit union merger statute does not currently permit mergers of a community credit union with an occupational or associational field of membership. This bill will provide the Oregon regulator with the same authority that is available to the federal regulator, with the same prerequisites for exercising the authority.
- CUSO Investments – This bill will eliminate the majority ownership requirement. This will allow credit unions to invest in a company that primarily serves credit unions or their members even if credit unions do not hold a majority stake in the company.
HB3080 was introduced in the 2019 session and again in the 2021 legislative session. The bill allows financial institutions, after obtaining a person’s permission, to swipe their driver’s license or identification card for the purpose of establishing or maintaining a contract or account. Oregon law currently prevents financial institutions from scanning the bar code on an ODL to then populate a loan or membership application.
The bills were proposed based on input from credit union advocates, many of whom joined NWCUA’s Pam Leavitt throughout the legislative process during public hearings and informational meetings with legislators.
Thank you to all advocates!