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!
Dec. 29, 2020 — TK Keen is the new administrator for the Oregon Division of Financial Regulation, which licenses and regulates banks, credit unions, investments, debt resources, and insurance in the state.
Keen has served as acting administrator since August, and succeeds Andrew Stolfi as the division’s administrator. In April, Stolfi was appointed by Gov. Kate Brown to lead the Department of Consumer and Business Services, the state’s largest business regulatory and consumer protection agency, of which the Division of Financial Regulation is part. Stolfi will continue to serve as Oregon Insurance Commissioner, a role he has had since 2018.
Under Keen’s leadership, the division has responded with agreements and emergency orders to help Oregonians affected by COVID-19 and wildfires.
In response to COVID-19, the division issued grace periods for consumers to pay insurance premiums. This created a sustainable way for insurance customers to keep up with premium payments without falling too far behind during the pandemic. The division also reached agreements with health insurance companies to provide expanded telehealth in response to COVID-19.
Oregon, Washington CUs Have $7.7-Billion Economic Impact
Feb. 3, 2017 — Credit unions in Oregon and Washington created a $7.7-billion economic impact in 2016, according to a new analysis released by the Northwest Credit Union Association. The analysis, performed by ECONorthwest, measured jobs, economic output, and income supported by credit unions in the regional economy. (CUToday.info) READ
Bill removing criminal liability for CUs in cannabis business banking heads to governor
March 2, 2016 — The Oregon House has passed a bill that will expand financial services currently available to legal marijuana businesses by removing criminal liability for credit unions and other financial institutions. It now awaits the signature of Gov. Kate Brown. (CUToday.info)
New division to take broader look at financial industry
Jan. 7, 2016 — Salem —The Department of Consumer and Business Services announced today the merging of the Insurance Division and Division of Finance and Corporate Securities into one division. The new division, named the Division of Financial Regulation, became effective on Jan. 1, 2016.
Oregon’s Economy Thrives through Not-For-Profit Credit Unions
May 4, 2015 – While every family felt the shifts of the national and local economies, they still believed in their credit unions. They spent wisely, saved for the future, and borrowed money when necessary. In Columbia County that interconnectedness was shown thanks to a special study.
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