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.