Two Oregon credit unions, the $904 million Advantis of Milwaukie and the $3.1 billion OnPoint Community of Portland, are the recipients of $250,000 each in public funds as a result of Portland’s new Responsible Banking Policy advanced by Mayor Sam Adams.
Also receiving funds under the policy aimed at snubbing big banks and rewarding community institutions are eight area banks.
Portland city commissioners had formally adopted the new policy last month, said the Northwest Credit Union Association.
Adams told the Portland Business Journal the funds deposited in the credit unions and the eight banks will come from liquidating $2.5 million of Portland's $800 million stake in U.S. Treasuries and other securities.
“I think it can help as every area localizes,” Adams said of the initiative when it was proposed in February. “You can get more competition for a city’s business and a good, fair price for vendors. Big banks have gotten a lot bigger. Local leadership of these banks is overwhelmingly fantastic, but I have deep concerns about the company-wide practices and policies set by the home office.”
The “people’s money should be spent consistent with the values of the community, and that’s what I’m trying to do here,” said Adams.
There was no comment yet from OnPoint or Advantis.
The Oregon Bankers Association has voiced opposition to Responsible Banking, noted the NWCUA.