BEAVERTON, Ore. – The Oregon House of Representatives passed a credit union public funds bill on Monday by a vote of 44-13.
The bill was expected to be read on the Oregon state senate floor on Tuesday and assigned to a committee for a hearing as soon as today, according to the Credit Union Association of Oregon. If passed, the bill would remove the current $250,000 limitation on the amount of public fund deposits a credit union can receive.
CUAO has been lobbying hard for the legislation, and continues to emphasize that this bill is about extending the choice of public entities to seek a fair and competitive rate of return on “the people’s money.” A choice of depositories, and competition for deposits of public funds, is in the people’s interest, CUAO argued.
Credit union advocates for the bill have been actively engaged in contacting and educating members of Oregon legislation about the benefits of lifting the cap, CUAO said.
