svn update converts file contents from OEM to ANSI

Using the svn command line client (v1.14.2.64502) on Windows 10, what would cause it to all of a sudden when doing a ```svn update``` to convert a file's content from OEM to ANSI?

E.g. *Übernehmen* becomes

The svn command line client was installed together with TortoiseSVN. Doing the update via TortoiseSVNkeeps doesn't show this behavior. I'm a command line guy and have used the svn client for years without this behavior. I also haven't updated TortoiseSVN (along with svn) since last October. The TortoiseSVN directory is also the only location where a svn.exe is present on my system.

So what could I have done that is causing behavior this all of a sudden today?