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News Now

CU System
Oregon governor signs public funds bill
BEAVERTON, Ore. (3/31/10)--Oregon Gov. Ted Kulongoski Monday signed a bill that lifts the $250,000 cap on the amount of public fund deposits Oregon credit unions can receive from municipalities. The bill will be effective Jan. 1, 2013. The credit union movement of Oregon applauds Kulongoski for “acknowledging the value of extending an additional choice for public entities to seek a fair and competitive rate of return on the people’s money,” said the Credit Union Association of Oregon (CUAO). “This issue has been worked on since 1981, and is a testament to the movement’s resolve to advance the credit union charter, and to continue seeking new avenues to serve their local communities,” said Pamela Leavitt, CUAO senior vice president of governmental affairs and public relations. About 4,000 public agencies in Oregon receive public funds and use financial institutions to house the funds.


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