The Oregon State Legislature adjourned Monday ending the threat of three bills that were aimed at taxing many credit unions and implementing new, burdensome regulations, according to the Northwest Credit Union Association.
“All bills that did not pass out of committee officially died and would have to be reintroduced in a future session,” the NWCUA reported.
The league said the Oregon Bankers Association coordinated a “targeted anti-credit union effort” and lobbied for three bills that would have taxed credit unions and created new regulations.
“Not one of their bills received a hearing in the Oregon legislature even after some editorials called for at least a hearing,” the NWCUA stated.
The league said Oregon’s 2013 legislative session has been one of the most successful for credit unions in that state.
In addition to defeating the bills backed by the Oregon Bankers Association, NWCUA successfully lobbied for the passage of SB520, which updated the Oregon Credit Union Act and was signed by Oregon Gov. John Kitzhaber in June.
Scheduled to take effect Jan. 1, the new bill will, among other things, increase the cap for lending to a single borrower, allow its credit unions to invoke parity with out-of-state credit unions, and extend additional liability protection to credit union directors and officers.