February 7, 2012
Key Oregon legislators are putting credit union issues front and center. Mayor Sam Adams proposed a Responsible Banking Resolution last week, which would have the city re-examine its investment and deposit practices and declares the city’s support for Oregon House Bill 3700, which would allow Oregon credit unions to accept public deposits up to $250,000.
"This is part of my pledge to address some of the founding frustrations of the Occupy movement,” Adams said in a statement, “including economic inequity, banking practices, and the influence of corporations and money in politics."
Portland currently has approximately $7.2 million in accounts with Wells Fargo, which was selected through a public bidding process in 2009. Umpqua Bank, based in Portland, also holds nearly $30 million of the city’s funds. The proposal would have the city deposit up to $250,000 in 10 credit unions and community banks this year.
Meanwhile, recently-elected Rep. Suzanne Bonamici wil be sworn in today in Washington, D.C., and continues to make raising the credit union member business lending (MBL) cap a point of emphasis.
Capitol Hill publication “Roll Call” wrote extensively about Bonamici on Monday, describing her as an advocate for consumers with experience working across public lines.
“With her experience on consumer protection issues, Bonamici said one of the first bills that she will introduce would increase the cap on credit union member business lending. ‘I see this proposal as an excellent way to get capital to small businesses,’ she said.”
Raising the cap was one of the pillars of Bonamici’s campaign, which was supported by the Northwest Credit Union Association (NWCUA), and her staff is now working with the Credit Union National Association (CUNA) to schedule a meeting after her swearing-in ceremony.
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