Three CU Bills Introduced in Oregon

Three bills have been introduced in Oregon that would subject state chartered credit unions to the state's corporate excise tax, additional reporting standards, and an affirmative obligation to meet the credit needs of members.

House Bill (H.B.) 2486 would impose a corporate excise tax on large state-chartered credit unions and any interstate credit unions, which hold public deposits exceeding $250,000 or have commercial loans that collectively exceed 10 percent of a credit union's assets. The legislation would not apply to credit unions with loan assets of $50 million or less. If enacted, the bill would apply to tax years beginning on or after January 1, 2013. Read the bill.

H. B. 2484 requires credit unions to file with the director of the Department of Consumer and Business Services periodic reports that: summarize the number and amount of member business loans and certain other loans; describe the services credit unions provide to people with low and moderate incomes; and list total amount of deposits credit unions hold at their main office and at locations where they accept deposits. Read the bill.

H.B. 2485 provides that credit unions have an ongoing affirmative obligation to meet the credit needs of all communities in which a credit union has a physical presence. The bill would require the director of the Department of Consumer and Business Services to adopt rules to specifically govern that obligation and to create certain minimum standards for measurement. The director must consider federal regulations that implement federal Community Reinvestment Act in adopting rules. The bill also would require the director to periodically evaluate whether each credit union meets its obligation. Read the bill.