June 26, 2012
Two Portland credit unions are among eight local financial institutions now taking part in a responsible banking proposal championed by Mayor Sam Adams and approved by Portland city commissioners last month.
Advantis Credit Union and OnPoint Community Credit Union, according to documents posted online last week, have already received deposits of $250,000 each—money that became available for deposit after $2.5 million of Portland's approximately $800 million stake in U.S. Treasuries and other securities was liquidated.
“It’s encouraging to see our elected leaders put their money where their mouths are,” said Kelly Schrader, senior vice president of member services and marketing for OnPoint. “Hopefully other cities and states will take notice and see that fostering partnerships between local governments and community financial institutions is a huge benefit to citizens and a positive step in the right direction.”
Portland’s responsible banking plan has been lauded as a positive step forward by nearly everyone except the Oregon Bankers Association, according to the Portland Business Journal.
“I think it can help as every area localizes,” Adams said of the initiative when it was proposed in February. “You can get more competition for a city’s business and a good, fair price for vendors. Big banks have gotten a lot bigger. Local leadership of these banks is overwhelmingly fantastic, but I have deep concerns about the company-wide practices and policies set by the home office. The people’s money should be spent consistent with the values of the community, and that’s what I’m trying to do here.”
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