BEAVERTON, Ore. — The recently concluded session of the Oregon legislature provided key victories for credit unions including the right to handle an array of nonmember products, accept homeowner and condo deposits, plus 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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