Oregon's credit unions are rallying against Senate Bill 781, which they argue threatens their ability to serve the community effectively. During a recent Senate Committee on Finance and Revenue meeting, leaders from various credit unions, including OnPoint and Central Willamette, voiced strong opposition to the proposed legislation, citing potential negative impacts on their operations and the financial well-being of their members.

OnPoint Credit Union, which serves over 600,000 members, highlighted its commitment to community support through various initiatives, including youth savings programs that encourage college attendance among low-income students. The credit union reported that it saved members over $15 million in fees last year and funded more than 1,000 first-time homebuyer loans, demonstrating its role in promoting sustainable ownership in Oregon.

Central Willamette Credit Union echoed these sentiments, emphasizing its status as a Community Development Financial Institution (CDFI) dedicated to serving underserved communities. The credit union's president, Stacy Weish Schonborn, stressed that additional taxation from Senate Bill 781 would hinder their mission to provide affordable financial services and support local economic development.

Both credit unions underscored the cooperative model's importance, which prioritizes member benefits over shareholder profits. They warned that the bill could erode the unique advantages credit unions offer, such as lower fees and better rates, ultimately limiting financial options for Oregonians.

As the legislature considers the implications of Senate Bill 781, credit union leaders are urging lawmakers to oppose the bill and collaborate on solutions that enhance financial accessibility for all Oregonians. The outcome of this discussion could significantly impact the future of community banking in the state.