Updated Oregon Credit Union Act becomes law

SALEM, Ore. – A bill that updates the Oregon Credit Union Act by removing the $100,000 limit on CU member business loans and sets a cap to match the federal limitations, was signed into law by Gov. John Kitzhaber. H.B. 2775 received bi-partisan support from Republicans and Democrats in the state legislature and was passed by the Oregon House and Senate by a wide margin. In addition to the changes in member business lending, the Credit Union Association of Oregon’s Technical Bill updates outdated language and removes references to specific services a credit union can offer. By permitting a CU to offer products and services that benefit members and are consistent with the credit union’s mission, H.B. 2775 eliminates the need to constantly update the statute as new products and services are developed to keep up with technology and the evolving financial services industry. H.B. 2775 further changes the Oregon Credit Union Act by removing the requirement that the Department of Consumer and Business Services adopt rules governing insurance coverage for credit unions.