OR priority bill passes, deadline approaches, and protecting CU’s

Posted by Pam Leavitt on March 26, 2025

One of the biggest dates in the Oregon Legislative Session is April 9^th that is when bills that have been introduced need to move out of their first committee of origin.  It is almost a roadmap for what bills will live and what ones will die.  One exception is if the bill was referred to a committee that remains open until the end of session – Revenue, Rules and Ways and Means.  The 2025 legislative session will post a record number of bills with almost 3400,  many of those will fall off after the April 9^th deadline.

HB3188 – Credit Union Homeownership Bill

Oregon Credit Unions are working with the leadership in the Oregon Legislature on a bill to make housing more accessible. We are asking the state for support to create a loan loss reserve fund which will act as a first source of loss recovery at $2.5 million.  House Majority Leader Ben Bowman (D) and House Minority Leader Christine Drazen are sponsoring the bill.

Homeownership is a priority for all of us in this state.  A home is the single biggest investment most people ever make. Passing a home on to the next generation is an amazing gift that builds generational wealth. But saving even 5% for a down payment can be challenging. Many homebuyers juggle additional financial obligations, such as student loan or car payments, family expenses, household costs, and more.

The goal of HB3188 is to create a statewide loan program to expand home financing options for families at or below 120% of the median household income level. Members of participating financial institutions would be able to achieve homeownership through this program with a 100% financed mortgage loan.

The bill passed out the of House Housing and Homelessness Committee on an unanimous vote on Monday and was sent to the Ways and Means Committee for funding consideration.

https://kobi5.com/news/oregon-house-committee-unanimously-approves-first-time-homebuyers-bill-269944/

SB430 & HB3533 – Fee Disclosure in Advertising

The goals of both of these bills are to provide more information to consumers on the full cost of goods or services before they agree to make any purchase. The goals are to require online sellers to plainly list a summary of all fees and charges to consumers prior to purchasing an item. This bill provides consumers with transparency when deciding to accept or deny the purchase.

Part of the testimony from GoWest Credit Union Association stated, “Oregon credit unions are subject to several federal regulations related to this issue. Financial products and services are already subject to advertising requirements that adequately address the issue. The Truth in Savings Act, governed by our federal regulator, the National Credit Union Administration, specifies how CUs must advertise deposit accounts, including when fees must be disclosed. The Truth in Savings Act relates to how credit unions must disclose and advertise deposit accounts.”

We are working to get a financial institution exemption from both of these bills and should see this amendment in the next few days.

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB3533

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB430

Stolfi to leave DCBS

Gov. Tina Kotek announced that Andrew Stolfi, currently the director of the Department of Consumer and Business Services (DCBS), has been named director of the Oregon Employment Department. Stolfi was appointed in 2020 to lead DCBS, and also serves as the state’s insurance commissioner. Stolfi has been successful leading an agency focused on standing up for Oregonians, demonstrated by the millions of dollars they save Oregonians each year by advocating for consumers and workers.

Posted in Advocacy on the Move, Oregon Advocacy.