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Committee reviews technical fixes to credit-union laws, including board delegation and survivor payout dates
Summary
A legislative clean-up bill that adjusts payout timeframes for deceased members’ accounts, allows boards to delegate member-expulsion appeals, and clarifies supervisory-committee membership drew support from credit unions and banks at a House Commerce and Consumer Protection hearing.
Chair Rep. Sosa opened a public hearing Thursday on House Bill 3,370, a bill the GoWest Credit Union Association described as a biennial package of technical updates for Oregon credit unions.
The measure would align several date references in the Oregon Credit Union Act and the Oregon Bank Act governing disposition of a deceased depositor’s account; permit a credit union’s board of directors to delegate consideration of member-expulsion appeals to senior management; and clarify that the board chair may not serve on a credit union’s supervisory committee while allowing other board members to serve on that committee if the bylaws permit.
Pam Levitt, representing the GoWest Credit Union Association and Oregon’s credit unions, told the committee the…
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