BEAVERTON, Ore. — The credit union community in Oregon got a workout at the state capitol recently.
Pamela Leavitt, senior vice president of governmental affairs and public relations for CUAO, provided testimony on a financial education bill labeled House Bill 2584, which would establish a task force within the Department of Education to look into the issue of financial education in the state of Oregon. "Recent studies illustrate that many Americans do not have the knowledge or skills to make sound financial decisions," she said. "Credit unions have long recognized that one of the most vital things we can do is increase the awareness of the importance of financial literacy."
Additionally, OSU Federal Credit Union Director of Community Education Claudine Oriani shared solutions that OSU FCU has developed and the drawbacks of only offering financial education as an elective program. Cori Frauendiener, director of education for Marion & Polk Schools Credit Union in Salem, explained how their program of peer counseling between older and younger students is another effective way to teach financial education to the youth.
Recommended For You
The bill passed the House Education Committee unanimously April 30 and will now move to the House floor for a vote.
A second piece of legislation that CUAO drafted, Senate Bill 1023, would allow credit unions to accept deposits from public entities over the current $100,000 limit. However, the association expects no further legislative action on this matter during this session.
Finally, the state Senate passed Senate Bill 592, which permits the director of the Oregon Department of Commerce to set a filing fee for credit union articles of incorporation and bylaws; allows credit unions with low-income membership to accept deposits from nonmembers and to issue uninsured secondary capital accounts; empowers credit unions to cash and sell checks and money orders and send or receive domestic and international fund transfers for nonmembers in a credit union's field of membership with limited fees; authorizes credit unions to establish additional places of business; and allows nonmembers to serve as guarantors or co-obligators on member loans.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
