SALEM, Ore. (6/18/13)--A bill to update the Oregon Credit Union Act passed in the state House Wednesday. The Northwest Credit Union Association backed the bill.
The bill passed with 59 "yes" votes and one "excused" vote (Anthem Recap
Recommendations by NWCUA's Oregon State Model Act Subcommittee resulted in the legislation. The subcommittee is chaired by Scott Burgess, president/CEO of the $569 million asset Rivermark Community CU, Beaverton, Ore.
The bill will:
Broaden Oregon's parity authority by allowing the state's credit unions to invoke parity with out-of-state credit unions and streamline the process for invoking parity with federally chartered credit unions;
Clarify the role of the supervisory committee in governance-related matters;
Extend additional liability protection to credit union directors and officers;
Remove wording in the state law that requires the board to "perform other duties as the members of the credit union from time to time direct and perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members";
Remove duplicative and unnecessary language in Oregon law that permits a credit union to employ a chief operating officer/president and a security officer; and
Make the declaring of dividends a power that can be delegated under Oregon law.