Oregon Data Match Requirements

Oregon Financial Institutions will need to abide by the new requirements of the data match system by July 1, 2018.  The data match system is a mandatory scrub of accounts against a state provided list of names and social security numbers of delinquent debtors (having a Department of Revenue warrant). The State will reimburse financial institutions for participating in the … Read More

Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semi-annually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most … Read More

Oregon – Proposed HB 2581 Access Device and Security Breaches

Proposed House Bill 2581 would require a person that possesses or has access to account information to report breach of security to the financial institution that issued financial access device.  Person includes:  an individual, a private or public corporation, partnership, cooperative, association, estate, limited liability company, organization or other entity. The Bill proposes to: Require a person to safeguard account … Read More

Oregon House Bill 2346 – Proposed

The proposed House Bill, currently referred to public hearing, would require credit unions to accept a declaration or a affidavit from DHS or OHA to pay claims on the death of a credit union member. House Bill 2346 Introduced and printed pursuant to House Rule 12.00. Presession filed (at the request of Governor Kate Brown for Department of Human Services) … Read More

Oregon – Proposed House Bill 2161

House Bill 2161 has been introduced to update the State’s Credit Union Act. Included in the Bill are a provision allowing the expulsion of a member that creates undue risk of loss, the elimination of the requirement that the credit union’s board of directors meets 10 times a year (the minimum sill be established by the director), and changes the … Read More

Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semiannually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most recent … Read More

Oregon Reasonable Compensation

The State of Oregon codified its “reasonable compensation” rule allowing state-chartered credit unions to compensate their directors and supervisory committee members. Section 441-710-0305 details the requirements for compensation. Before paying compensation, the credit union must – operate in a safe and sound manner, incorporate bylaws allowing compensation, and adopt policies and procedures for compensation. Policies and procedures must include the … Read More

Oregon – Semi-Annual Escrow Rate Adjustment

ORS 86.245 requires that Oregon State lenders who require security protection in connection with a real estate loan to pay interest on funds in an escrow account of at least the discount rate.  The rate is adjusted semiannually, and calculated on May 15 and November 15, and covers the following six-month period.  The discount rate is calculated by the most recent … Read More