(at the request of Senate Interim Committee on Commerce and Workforce Development for Northwest Credit Union Association)
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Bill Title:
Relating to regulating credit union operations.
Catchline/Summary:
Requires board of directors of credit union to meet at least 10 times in each calendar year in separate months. Requires board of directors of credit union to meet at least 10 times in each calendar year in separate months.
Permits credit union to appoint chief credit officer in lieu of credit committee. Requires chief credit officer to approve loans or designate loan officers with authority to approve loans under conditions that chief credit officer prescribes.
Permits credit union to make loans under certain conditions to president or chief executive officer of credit union or officer that has policymaking or credit approval authority. Prohibits recipient of loan from participating in approving or disbursing loan.
Specifies how credit union may invest funds not used in loans to members.
Creates procedures for merger of credit union chartered under Oregon law and credit union chartered under laws of another state or United States.
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SB 177
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