BEAVERTON, Ore. (6/9/09)--Oregon Gov. Ted Kulongoski Thursday signed an update to the Oregon Credit Union Act, Senate Bill 438, into law, according to the Credit Union Association of Oregon (CUAO). The legislation makes several revisions to the credit union act regarding membership requirements, accounting rules, annual meeting policies and bonding requirements. It also includes three provisions designed to improve and streamline corporate governance, three technical changes regarding accounting and operational issues, and a definitional change that allows community credit unions to more fully serve employers in their geographic areas. "The bill will allow those select employee group (SEG)-based credit unions moving to a community charter to maintain groups within their current field of membership," said Pamela Leavitt, CUAO senior vice president of governmental affairs and public relations. "Our previous law made them give up their SEG groups, which didn’t allow for service outside their new community charter." The bill was the result of two years of work on behalf of the CUAO Governmental Affairs Committee and the State Issues Subcommittee, said the association’s Oregon Outlook for June.