Tuesday, April 2, 2013

Oregon CUs Can Accept Public Funds In Excess of Deposit Insurance Limit

Yesterday, qualified Oregon credit unions could start accepting public deposits in excess of the federal deposit insurance limit through the Oregon Credit Union Public Funds Collateralization Program.

Legislation passed in 2010 and clarified in 2011 authorized the State Treasury to establish a collateralization program to protect public deposits at credit unions.

Participating institutions protect public deposits above the insured threshold by posting securities as collateral against the uninsured balances.

Ten credit unions will initially participate in the program. The credit unions are Unitus, Pacific Crest, OSU Federal Credit Union, OnPoint, Advantis, MAPS Credit Union, Northwest Community, Old West, Wauna Federal Credit Union, and Oregon Community.

The cities of Portland, Beaverton, Corvallis, Independence, and Klamath Falls have signed letters pledging to deposit funds in excess of $250,000 in one or more of the participating credit unions.

Read the announcement.
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