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News Now

CU System
Oregon Parity Bill Committee Vote Set For Friday
SALEM, Ore. (4/2/13)--A parity bill to update the Oregon Credit Union Act, sponsored by the Northwest Credit Union Association (NWCUA), is scheduled for a vote Friday in the State Senate General Government, Consumer, and Small Business Protection Committee.

The bill was heard March 20 in committee (NWCUA's The Memo March 29). After gathering input from regulators at the Division of Finance and Corporate Securities, the proposed changes in Senate Bill 520 would:

  • Broaden Oregon's parity authority to allow the state's credit unions to invoke parity with out-of-state credit unions and streamline the process for invoking parity with federally chartered credit unions;
  • Clarify the role of the supervisory committee in governance-related matters;
  • Extend additional liability protection to credit union directors and officers;
  • Remove the wording in Oregon law that requires the board to "perform other duties as the members of the credit union from time to time, direct and perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members";
  • Remove any duplicative and unnecessary language in Oregon law that permits a credit union to employ a chief operating officer/president and a security officer;
  • Make the declaring of dividends a power capable of being delegated under Oregon law; and
  • Increase the limit of loans to one borrower, to the larger of $100,000 or 15% of a credit union's equity.
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