SEG-based credit unions in Oregon have been given expanded power to switch to a community and still keep their SEGS under a new law signed by Gov. Ted Kulongoski.
The Credit Union Association of Oregon hailed the June 4 passage of the law revising the state's CU code as one that deletes a clause forcing SEG-based CUs moving to a community charter to halt service to the former SEGs outside their new community charter.
The law revising the Oregon Credit Union Act and two years on the drawing boards also makes changes on membership requirements, accounting rules, annual meeting policies, and bonding requirements.
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This bill was also the two-year work product of the State Issues Subcommittee of the CUAO's Governmental Affairs Committee. In addition to the SEG revisions, "the law includes three provisions designed to improve and streamline certain aspects of corporate governance, three technical changes dealing with accounting and operational issues," said the CUAO.
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