REGULATING AGENCY: Oregon Department of Consumer & Business Services; Division of Financial Regulation
- TK Keen, Administrator
- Janet Powell, Chief of Regulation and Supervision-Credit Unions
- Website: dfr.oregon.gov
LEAGUE: Northwest Credit Union Association
STATS: (As of Dec 2020)
- TOTAL # SCUs: 21
- TOTAL # FCUs: 35
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 38% of 56 OR CUs
- TOTAL $ SCU ASSETS: $26,797,488,331
- TOTAL $ FCU ASSETS: $4,762,293,855
- TOTAL ASSETS: $31,559,782,186
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 85%
FUN FACT: High above the city of Portland the International Rose Test Garden features more than 500 varieties of roses, cultivated continuously since 1917.
Oregon Credit Unions Contribute $2.8 Billion Economic Impact to State Landmark study documents economic impact, volunteerism, charitable contributions and extraordinary service by credit unions throughout the COVID-19 pandemic.
March 24, 2021 — Oregon’s credit unions have proved a critical role supporting the state’s economy, consumers, businesses and local communities, according to an analysis performed by ECONorthwest, one of the region’s leading economic firms. The analysis documented a positive impact of nearly $3 billion on the state’s economy.
How are Credit Unions Able to Drive Such an Impact?
Unlike profit-driven Wall Street banks under pressure to enrich stockholders, credit unions are not-for-profit cooperatives, owned by their members. Credit unions reinvest their earnings in members through direct benefits such as fewer fees, dividends, lower interest rates on loans and credit cards and more. When those benefits are spent in local communities, the ripple effect helps the entire economy. ECONorthwest measured the impact of member benefits, credit union jobs and other factors in its analysis. Economists also documented credit unions’ significant community impact including volunteerism, financial education provided to adults and students and services such as first-time homebuyer loans. Cooperative credit unions put people before profits!
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