BEAVERTON, Ore. — Oregon credit unions this week are celebrating several key victories in the state legislature including passage of bills to clean up language on nonmember products, allowing CUs to receive homeowner and condo association deposits and new oversight on financial literacy.
"We're quite pleased at the results this year despite opposition on at least two of the bills from banks," said Pamela Leavitt, senior vice president of government affairs for the Credit Union Association of Oregon.
In enacting the bills, Oregon lawmakers overrode objections from the banking lobby on a key so-called "clean-up" measure providing federal parity to permit CUs to accept nonmember deposits for money orders, travelers and cashier's checks. That law becomes effective Jan. 1, 2008.
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A separate bill awaiting the signature of Gov. Ted Kolongoski would for the first time set up a task force on civics and financial education requiring a report back to the legislature in 2008 on changes in financial curriculum in pubic schools. Financial education topics had been dropped back in the 1980′s, but the CUAO had sought to restore the curriculum, said Leavitt.
Another law that drew banker opposition would allow CUs to accept deposits from homeowner and condo associations. Banks had objected to new language allowing those powers to all regulated financial institutions in the state following a request from an out-of-state bank.
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