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

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

Rules and Regulations Stamps11/6/18

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.

Documents

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

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA announced that it awarded $2 million in grants to over 200 low-income credit unions. The grants will help the credit unions improve digital services and security, increase outreach to underserved communities, and train employees.

Federal Deposit Insurance Corporation (FDIC)

The FDIC, jointly with the OCC and FRB, issued a proposed rule to standardize the approach for calculating the exposure amount of derivative contracts.

The FDIC issued a notice of proposed rulemaking that would rescind and remove its regulations relating to the disclosure of financial and other information by FDIC-insure state nonmember banks.

The FDIC issued its October edition of Consumer News which focuses on credit and debit card billing issues.

Federal Housing Finance Agency (FHFA)

The FHFA released its Credit Risk Transfer Progress Report which describes the statute and volume of credit risk transactions through the second quarter of 2018.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Nov. 2, 2018. The last update prior to this was Oct. 25, 2018.

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