Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Oregon Senate introduces bill on board governance
BEAVERTON, Ore. (2/1/11)--The Northwest Credit Union Association (NWCUA) has sponsored a bill going before the Oregon State Senate that would require credit union boards of directors to meet 10 times per year instead of the 12 times currently required by the Oregon State Credit Union Act. The proposal was based in part on a desire to provide flexibility for directors with increased requirements for educations and training, said Pam Leavitt, senior vice president of governmental affairs/public relations for the Northwest Credit Union Association. “With those requirements we want to be able to provide the flexibility to ensure we are able to attract professionals to credit union boards,” Leavitt said. “We think this bill will give credit unions more flexibility in scheduling meetings and having board members attend to their other additional commitments as well.” Senate Bill 177 also includes provisions that:
* Permit credit unions to appoint a chief credit officer in lieu of a credit committee; * Require credit union chief credit officers to approve loans or designate loan officers with authority to approve loans under conditions that chief credit officer prescribes; * Allow credit unions to make loans under certain conditions to their president/CEO or officer that has policymaking or credit approval authority; and * Specify how credit unions may invest funds not used in loans to members.
Leavitt told News Now the provisions are not necessarily related. She said the league reviews the Oregon Credit Union Act about every other year to ensure it meets the needs of its members. “These are changes we deem conceptually important for Oregon credit unions,” Leavitt said. The bill is scheduled to go to committee this week.


RSS print
News Now LiveWire
Today's #NewsNow preview of @CUNA board chair Dennis Pierce's testimony before @SenateBanking http://t.co/XgQ81Fn7wR
38 minutes ago
Fazio: @TheNCUA supports Privacy Notice Modernization Act, which allows FIs to send privacy policy notifications only when policy is changed
43 minutes ago
Fazio: Hard to give timeline for when NCUA risk-based capital rule will be finalized...I can say it's the agency's top reg. priority
46 minutes ago
(2of2) NCUA is aware of importance of scaling regulatory, supervisory and assistance prgrms to address unique circumstances of small CUs.
57 minutes ago
.@TheNCUA's Larry Fazio: W/ 1/3 of CUs having less than $10M in assets and 2/3 of CUs having less than $50M in assets...(1of2)
58 minutes ago