Second Increase in Oregon Minimum Wage Goes Into Effect July 1
Understand how the rate increase applies to your specific location.
During the 2016 legislative session, Senate Bill 1532 was passed to increase the minimum wage in Oregon. The second annual increase in minimum wage goes into effect on July 1, 2017.
There are three different minimum wage rate increase tables that apply to specific locations: the general rate adjustment table, areas located in the urban growth boundary of a metropolitan service district, and non-urban counties.
The rates for the general areas that are not in the urban growth boundary or non-urban county are as follows:
- From July 1, 2017, to June 30, 2018: $10.25
- From July 1, 2018, to June 30, 2019: $10.75
- From July 1, 2019, to June 30, 2020: $11.25
- From July 1, 2020, to June 30, 2021: $12
- From July 1, 2021, to June 30, 2022: $12.75
- From July 1, 2022, to June 30, 2023: $13.50
Employers located in the urban growth boundary of a metropolitan service district will need to pay the following rates:
- From July 1, 2017, to June 30, 2018: $11.25
- From July 1, 2018, to June 30, 2019: $12
- From July 1, 2019, to June 30, 2020: $12.50
- From July 1, 2020, to June 30, 2021: $13.25
- From July 1, 2021, to June 30, 2022: $14
- From July 1, 2022, to June 30, 2023: $14.75
Non-urban counties include Baker, Coos, Crook, Curry, Douglas, Gilliam, Grant, Harney, Jefferson, Klamath, Lake, Malheur, Morrow, Sherman, Umatilla, Union, Wallowa, and Wheeler. The minimum wage rate that applies in those counties is as follows:
- From July 1, 2017, to June 30, 2018: $10
- From July 1, 2018, to June 30, 2019: $10.50
- From July 1, 2019, to June 30, 2020: $11
- From July 1, 2020, to June 30, 2021: $11.50
- From July 1, 2021, to June 30, 2022: $12
- From July 1, 2022, to June 30, 2023: $12.50
Question of the Week
If an account has three beneficiaries listed and one beneficiary passed away, should the remaining funds be split between the two remaining beneficiaries, or should one third go to the estate of the deceased beneficiary?
Typically, the division of property among multiple beneficiaries is determined by the member in writing before his/her death. This can be done on the account card. If there is nothing written, the default assumption is that the money is split evenly among the beneficiaries. In the event of a beneficiary dying before the member, it is as if he or she were never listed on the card at all. The remaining beneficiaries split the money equally (default), or in the ratio set out by the member with the deceased beneficiary’s share being split equally.
In practice, you can make the check closing the account out to all beneficiaries jointly, rather than writing three individual checks.
National Credit Union Administration (NCUA)
The NCUA released the video from its May 2017 Board Meeting.
NCUA Acting Chairman McWatters testified during a hearing of the Senate Banking, Housing, and Urban Affairs Committee regarding how regulatory flexibility would help credit unions offer better service to their members. McWatters specifically cited field of membership, member business lending, and supplemental capital as three areas that would reduce the regulatory burden on credit unions.
The NCUA issued a Board Action Bulletin from its June 2017 board meeting. The bulletin outlines the five items that were unanimously approved during the meeting, including a final rule adjust CMPs for inflation, proposed rulemaking seeking transparency and simplicity in regulations governing corporate credit unions, and a request for comment on proposed changes in the methodology determining the overhead transfer rate.
Consumer Financial Protection Bureau (CFPB)
The CFPB issued a report regarding complaints from borrowers about student loan servicers mishandling loans involved in the Public Service Loan Forgiveness Program, which provides borrowers in public service jobs with a path to debt forgiveness after 10 years.
Federal Reserve Board (FRB)
The FRB released First Issue 2017 of its Consumer Compliance Outlook. This issue features articles on understanding closed-end credit finance charges and implementation of the new Consumer Compliance Rating System.
The FRB, jointly with the OCC and FDIC, announced the availability of the 2017 list of distressed or underserved nonmetropolitan areas where stabilization activities are eligible to receive CRA consideration.
Federal Deposit Insurance Corporation (FDIC)
FDIC Chairman Gruenberg delivered a statement to the Committee on Banking, Housing, and Urban Affairs. Gruenberg’s statement focused on the state of the banking industry, how the FDIC was worked to reduce regulatory burden on financial institutions, and the recent Treasury Department review of the regulatory framework for the depository sector.
Office of Comptroller of the Currency (OCC)
OCC Acting Comptroller Noreika delivered statements to the Committee on Banking, Housing, and Urban Affairs focusing on ways to reduce regulatory burden for financial institutions.
Office of Foreign Assets Control (OFAC)
OFAC has updated the SDN list as of June 21, 2017. The last update prior to this was June 26, 2017.
Questions? Contact the Compliance Hotline: 1.800.546.4465, [email protected].