Oregon credit unions taking large public deposits

Ten Oregon credit unions can take public deposits larger than $250,000 beginning this week.

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Ten Oregon credit unions can take public deposits larger than $250,000 beginning this week.

Before now, only banks could take more than $250,000 from state agencies, cities, schools and utility districts in Oregon. But the Oregon Legislature in 2010 authorized Oregon Treasurer Ted Wheeler to set up a similar collateralization program for credit unions. That program went into effect Monday.

The cities of Portland, Beaverton, Corvallis, Independence and Klamath Falls have pledged to deposit money in credit unions, Wheeler’s office said in a press release.

Read more at OregonLive.com.

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