PORTLAND, Ore. – Five Oregon credit unions have submitted the required notice and paperwork with the Oregon State Treasury to allow them to accept and hold large government fund deposits under a new program designed to give Oregon government agencies more options for deciding where to keep funds.
The program, the Oregon Credit Union Public Funds Collateralization Program, will start in April 2013. Currently, only qualified banks can accept public deposits beyond the FDIC insured limit, which is $250,000 per depositor.
The five credit unions that have filed paperwork to start accepting large government deposits are: Unitus CU, Pacific Crest CU, OSU FCU, OnPoint CU and Advantis CU.
An additional five credit unions plan to participate when the program is up and running next year. Those are MAPS CU, Northwest Community CU, Old West CU, Wauna FCU, and Oregon Community CU.