TIGARD, Ore., and SEATAC, Wash. (7/22/15)--The Northwest Credit Union Association (NWCUA) reported successful legislative sessions for credit unions in Oregon and Washington with the passage of bills that advance the credit union charter in both states.
The Washington State Legislature adjourned on July 10, concluding the longest legislative session in Washington’s history--which ran for 176 days, including 13 days into its third 30-day special session.
“Credit unions fared very well during this year’s session,” noted Mark Minickiello, NWCUA vice president of legislative affairs. “Not only were again able to advance the credit union charter while protecting the credit union tax exemption, our advocacy efforts set us up nicely to continue improving the operating environment for our state’s credit unions in years to come.”
NWCUA-sponsored Senate Bill 5757 addressing credit unions’ corporate governance and investments was signed into law by Gov. Jay Inslee on April 25, and will become effective Friday. The bill:
Senate Bill 5300 updating the DFI's regulatory enforcement powers regarding credit unions and organizations providing services to credit unions was signed into law by the governor on April 25 and also becomes effective Friday.
The bill accomplishes four NWCUA legislative priorities, including:
The 78th Oregon legislative session officially ended on July 6 at 6:05 p.m. when, keeping with tradition, the gavels of the speaker of the house and senate president jointly fell, closing a grueling five-month session (Anthem July 21).
Pam Leavitt, NWCUA’s policy adviser, credited the strong relationships the league’s credit unions have with legislators for successful passage of league-sponsored legislation during the session.
“Our advocates in credit unions throughout Oregon made this success possible,” said Leavitt. “Their relationship building, fundraising and sharing of the impact they have in the region paved the way for these bills.”
NWCUA-sponsored Senate Bill 582 updating the Oregon credit union charter was signed into law by Gov. Kate Brown, and goes into effect Jan. 1. For more information on this bill see a previous News Now article.
House Bill 2893, which allows Oregon financial institutions to offer prize-linked savings accounts, was signed into law on May 21 and goes into effect on Jan. 1. The bill authorizes Oregon financial institutions to offer “savings promotion raffles,” commonly known as prize-linked savings, like the Save to Win program in Washington State.