Oregon Public Funds Program Giving Credit Unions New Platform

The Oregon Treasurer’s Office has been hard at work building the back end of the Public Funds Collateral Program (PFCP). Rather than simply reusing the system that is in place for the banks, the Treasurer’s office has taken lessons learned from the banking program and addressed those issues in building our platform.

According to Andrea Belz, Public Funds Manager at the Oregon State Treasurer’s Office, “The credit union program is being totally rebuilt using the most up-to-date technologies, benefitting credit unions in a couple of ways: making reporting more efficient and giving the platform a longer life before major updates are needed.”

The PFCP project manager is Wendy Finley who has years of experience managing successful projects. Once the project is complete a public funds coordinator will oversee the day-to-day operations for the bank and credit union PFCP.

“I am pleased that we are able to share staff with the banking program as it keeps program costs down for all program participants,” said John Trull, Director of Regulatory Advocacy for the Northwest Credit Union Association (NWCUA).

To support the development of the Credit Union Public Funds Program and associated applications, a workgroup will be formed consisting of representatives from the initial 10 credit unions scheduled to kick off the program on April 1, 2012. This group will serve as a sounding board and advisory group for various program design decisions. For example, the workgroup will be asked to provide input during the administrative rules process for this program. This group will also be asked to participate in testing of the program application in the first quarter of calendar year 2013.

The workgroup will primarily keep in contact via e-mail and conference calls, but may also meet in person for specific tasks and discussions. John Trull of the Northwest Credit Union Association will serve as coordinator for this workgroup and is working to schedule the initial meeting on Friday December 7.

Questions? Contact Director of Regulatory Advocacy John Trull: 503.350.2209, jtrull@nwcua.org.

Posted in Advocacy News, Around the NW, Compliance News, Compliance News.