EUGENE, Ore. — This city has become the latest in the Pacific Northwest to indicate it may move part of its reserve funds into credit unions in the coming months in response to the national Bank Transfer movement.
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Rep. Jefferson Smith (D-Portland) has pushed cities in Oregon to move money to credit unions, saying it would stimulate local economies.
Earlier, the cities of Portland, Ore. and Seattle also passed resolutions that called for funds to be placed in credit unions. In the case of Eugene, ore., it's average end-of-day balance at U.S. Bank is approximately $1.2 million.
