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News Now

CU System
Oregon Legislative Adjournment Ends CU Tax Bills
SALEM, Ore. (7/11/13)--The Oregon Legislature adjourned Monday, putting an end to the consideration of bills that would tax credit unions, said the Northwest Credit Union Association.

During the legislative session, the Oregon Bankers Association put together a targeted anti-credit union effort, based on the work done by an anti-credit union task force established last summer, said NWCUA (The Anthem July 9).

The bank lobby supported three anti-credit union bills --HB2484, 2485, and 2486--aimed at taxing many credit unions and implementing new burdensome regulations. Not one of the bills received a hearing in the legislature, even after some editorials called for at least a hearing, NWCUA said.

"We just finished our long session, and all the bills that didn't make it are considered dead," Pamela Leavitt, NWCUA legislative policy adviser for Oregon advocacy and grassroots, told News Now. Those bills would have to be reintroduced in the state legislature's February short session, which lasts 35 days, Leavitt noted, adding she is unaware of any bankers' plans.

"We not only defeated [the bills], we feel we were very successful in defending credit unions," Leavitt said. "We will continue to be prepared to confront taxation and any regulatory bills."

NWCUA will continue to talk to the state legislature, she added. "We have a very progressive advocacy agenda," she explained. "We will continue to meet with legislators and talk to them about the value of the credit union charter."

The 2013 session will be considered one of the most successful in history for credit unions, NWCUA said.

Oregon Gov. John Kitzhaber on June 24 signed SB520, a bill to update the Oregon Credit Union Act. The NWCUA-backed bill was the result of recommendations by the Oregon State Model Act Subcommittee, chaired by Scott Burgess, president/CEO of Rivermark Community CU in Beaverton, and will make several changes to the Oregon Credit Union Act. The changes will take effect Jan.1.
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