Oregon Driver License and ID Cards Design to Change Soon
Credit unions will begin seeing new card design in December.
In spring of 2019, Oregon Driver and Motor Vehicle Services will issue a new card design. A limited number of cards will be issued in December 2018 as part of a pilot program.
The design will be modified slightly in summer of 2020 when it begins issuing compliant Real ID cards. The Real ID Act was passed by Congress in 2005 and is based on recommendations from the 9/11 Commission that the federal government “set standards for the issuance of sources of identification, such as driver’s licenses.” It established standards that state-issued driver licenses and ID cards must meet in order to be accepted for certain federal purposes.
The new card design will:
- Meet or exceeds national standards for security and durability.
- Combine security features with images and symbols that represent Oregon.
- Use nationwide standards for layout and content, which will help emergency responders find the information they need.
For more details, please see the DMV’s website.
Question of the Week
Can a credit union run a promotion where everyone who applies for a car loan is entered to win a prize?
Yes, provided that the credit union complies with the Washington Gambling Commission Act of 1973. A promotion like this is called a promotional contest of chance, which is actually not considered gambling. A promotional contest of chance is any contest, game, gaming scheme, or gaming device in which the outcome depends on chance. Promotional contests of chance are authorized where the prize and chance are present, but there is no consideration. Consideration is defined as something of value. For instance, requiring your member to fund the loan would fall under that definition.
Promotional contests of chance must be conducted for the purpose of advertising or promoting services, goods, wares, and merchandise of a business. It cannot be required that eligible persons pay any consideration or purchase anything to participate in the contest. However, if entry blanks or coupons were obtained by purchasing a newspaper or magazine, that is still not consideration.
By opening the contest up to anyone, the credit union is removing the consideration and therefore, the promotion would be permissible.
This would be the same in Oregon and Idaho, as promotional games of chance are permissible as well, as long as there is no consideration.
Bureau of Consumer Financial Protection (BCFP)
The BCFP and Federal Housing Finance Agency released a national survey detailed borrowers’ experiences obtaining a mortgage.
Federal Reserve Board (FRB)
The FRB has released the November statement of the Federal Open Market Committee. The statement indicates that the labor market and economic activity have been strengthening and unemployment has been on the decline.
The FRB announced that it has finalized a new supervisory rating system for large financial institutions.
Federal Housing Finance Agency (FHFA)
The FHFA announced that the 2019 lending caps for Fannie Mae and Freddie Mac will be $35 billion for each enterprise, which is unchanged from the 2018 caps.
Federal Financial Institutions Examination Council (FFIEC)
The FFIEC released a statement on OFAC Cyber-related sanctions and the potential impact it may have on financial institutions’ risk-management programs.
Office of Foreign Assets Control (OFAC)
OFAC has updated the SDN list as of Nov. 8, 2018. The last update prior to this was Nov. 5, 2018.
Questions? Contact the Compliance Hotline: 1.800.546.4465; [email protected].