Oregon DFR Proposes Rulemaking Setting the Minimum Number of Credit Union Board Meetings


The Oregon Division of Financial Regulations announced proposed rulemaking and scheduled a public hearing to set the minimum number of credit union board meetings.

​Rules affected: OAR 441-710-0527

Defines the inexact term “regular” as it applies to the number of board meeting under the act.

During the 2017 legislative session, House Bill 2161 amended ORS 723.292, eliminating the requirement that a credit union’s board of directors “meet at least 10 times, in 10 separate months, during each calendar year.” ORS 723.292, as amended, states: “The board of directors of a credit union shall hold regular meetings. The Director of the Department of Consumer and Business Services may specify by rule the minimum frequency of meetings of the board of directors.”

To provide guidance as to the number of board meetings necessary to satisfy ORS 723.292, the Division of Financial Regulation (Division), on behalf of the Director of the Department of Consumer and Business Services, is proposing to adopt a rule defining “regular board meetings” to mean a “minimum of six regular meetings per calendar year with at least one of the six meetings to be held each quarter.”

The proposed rule excludes a credit union’s annual meeting, committee meetings, or special meetings from being counted as a regular board meeting. The proposed rule also requires credit unions to specify the number and frequency of regular meetings in their bylaws.

Filed: Oct. 17, 2018

Public hearing: November 28, 2018 9 a.m.

Last day for public comment: Dec. 5, 2018, 5 p.m.


Question of the Week

Under the SAFE Act, how often to MLOs need to renew their registration?

The Safe Act requires MLOs to renew their registration annually (unless they registered on or after July 1st of the current year). The renewal period is open Nov. 1-Dec. 31 of the current year. If an MLO is required to register and does not do so within this time frame, the MLO will be placed in an “inactive” registration status on the NMLS.

The NMLS created a resource page dedicated to renewal and reactivation information. The resource includes a handbook and FAQs regarding the renewal process.

Related Links:

NMLS Resource Page

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Questions? Contact the Compliance Hotline: 1.800.546.4465; compliance@nwcua.org.

Posted in Compliance News.