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Most credit unions around the country rely on the good-natured members who volunteer for board seats and other committee positions to help run the credit union. While good intentions might be nice, sometimes the most qualified people do not sit on those committees. In Oregon, lawmakers have approved a bill that could help bring in higher-qualified members to sit in those positions.
In Oregon, credit unions are one step closer to being able to pay stipends to its members who volunteer to serve on committees such as nominating and DEI committees. Currently, Oregon credit unions are allowed to pay stipends to those serving on its board of directors and supervisory committees.
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In March, lawmakers in the Oregon House passed HB3200A to change the state's Credit Union Act to allow such payments to those committee members. The bill passed the Senate in late April and now awaits signing by Gov. Tina Kotek.
A statement from GoWest Credit Union Association's Senior Vice President of Regional Grassroots and Political Programs/Legislative Affairs for Oregon Pam Leavitt said, "The bill was developed with input from Oregon's credit unions. We appreciate the work that credit union advocates do to look for opportunities to help keep the charter modern and relevant – from the guidance they share by participating in State Issues Working Groups and Governmental Affairs Committees, to their grassroots advocacy, meeting with their legislators to share their impacts and help secure support for credit union priorities."
According to GoWest, details of the bill include giving credit union boards the flexibility to allow "fiscal year flexibility" to determine the appropriate timeline for auditing, as well as paying members sitting on facilities, DEI or nominating committees.
"This change to the Act will recognize the significant time commitment members are making to serve their credit union and will help to attract highly qualified members to serve in these roles," Leavitt said.
How much could a member be paid to sit on these committees? In an email to CU Times, spokesperson for GoWest added, "There are no limits on stipends in the statute. The regulator, the Department of Consumer and Business Services will write administrative rules after the bill becomes law."
As of Dec. 31, 2022, 54 credit unions are headquartered in Oregon with combined assets of $37.4 billion and 2.3 million members.
No announcement has been made for when Gov. Kotek might sign the bill.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
