NWCUA Regulatory Advocacy Update: Oregon Public Funds Program Progresses
April 5, 2012
April 5, 2012
Oregon Public Funds Update
The Northwest Credit Union Association (NWCUA) hosted a meeting with interested credit unions this week to talk about next steps in the Oregon Public Funds program. According to the Treasurer’s Office, the budget for implementation and first-year costs will be $259,007, which is the total amount credit unions would be required to pay when meeting initial program triggers.
This dollar figure has been the main concern for credit unions in implementing this program.
“The meeting with representatives from the Oregon Treasurer’s Office was very informative,” said NWCUA Director of Regulatory Advocacy Jaycee Winn. “We discussed options for reducing the initial cost of the program in various ways, including limiting the first wave of involvement in order to limit new required resources—particularly the cost of a new employee to manage the program.”
“We are working with the Treasurer’s Office to explore this path further,” Winn added, “and hope to have an update with additional details in the near future.”
Many Important Comment Periods Ending Soon
Agencies have been issuing proposals and requests for comments in a steady stream. Some of the key proposals from the Consumer Financial Protection Bureau (CFPB) with looming deadlines include:
To read more about the key proposals open for comment, visit the Regulatory Advocacy page.
The NWCUA Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. The Association encourages members to participate in the regulatory process. If you have any questions on these or any regulatory issues, please contact Director of Regulatory Advocacy Jaycee Winn at firstname.lastname@example.org, or at 800.995.9064 x209.