Oregon Gov. Kulongoski Signs Bill Updating State's CU Act

BEAVERTON, Ore. – Four months after it was introduced, a bill that updates the Oregon Credit Union Act was signed into law May 25 by Gov. Ted Kulongoski, becoming effective that same day. HB 2578 previously passed the Oregon House on a 60-0 vote, and passed out of the Senate Business Committee with a unanimous vote. The bill includes several provisions pertaining to corporate governance, technical amendments regarding investments in subsidiary service organizations and maintenance of reserves, and clarification of credit unions’ use of mobile facilities. In addition, H.B. 2578 allows CUs to offer health savings accounts, conduct electronic voting, sets guidelines for mobile branches, outlines some specific requirements on filling volunteer director positions, and eliminates some outdated language in the state’s Credit Union Act. CUAO’s Pamela Leavitt, SVP of governmental affairs & public relations, who was among those who testified in support of the measure, said the association was thrilled HB 2578 has been signed into law. “Updating the Oregon Credit Union Act will help our credit unions better serve all Oregonians, and that is our goal,” she said.