The campaign by CUNA and state leagues to win lawmaker support for the deposit of public funds in credit unions made important gains last week, highlighted by the Oregon governor signing a new enabling law that will take effect in two years.
Oregon now joins its neighbor, Washington State, in overcoming long-standing banker opposition to CU municipal deposits as league officials across the country claim that the souring sentiment against banks has provided new impetus to pass far-reaching public funds bills.
Still, there have been a string of defeats, including the likely death-knell of a bill last week in Minnesota that would have given preference to CUs and small banks over Wells Fargo and U.S. Bank for access to the billions in state agency funds.
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