Idaho and Oregon Transportation Department and DMV Updates for 2021
Credit unions should be aware of new changes to odometer exemptions, license and vehicle tag grace periods, and more.
With the new year comes updates from both Idaho Transportation Department and Oregon Department of Transportation.
Idaho – Odometer Exemption Changes Take Effect in 2021
Effective Jan 1, changes to the federal odometer rule affect the vehicles that are exempt from odometer requirements due to their age. Model year 2011 vehicles will not be exempt in 2021, so odometer readings and dates will need to be provided on title applications for these vehicles.
For the next 10 years, 2010 model year vehicles will remain the newest vehicles that are exempt. Then, beginning in 2031, vehicles at least 20 years old will be exempt, meaning 2011 and older vehicles will be exempt at that time.
The following table illustrates how these changes will be implemented.
|Calendar Year||Vehicles Exempt Due to Age|
|2020||2010 model year and older|
|2021||2010 model year and older|
|2022 - 2030||2010 model year and older|
|2031||2011 model year and older|
|2032||2012 model year and older|
|2033||2013 model year and older|
|Subsequent Years||Vehicles at least 20 model years old|
This change is intended to protect vehicles that are from 10 to 19 years old, which, according to a study, have accounted for 60% of all odometer rollbacks.
Vehicles that are over 16,000 pounds gross vehicle weight rating (GVWR) and vehicles that are not self-propelled will remain exempt from odometer disclosure requirements, regardless of age.
Oregon Driver License, Vehicle Tag Grace Period Extended into 2021
Oregon residents with a vehicle registration, permit or driver license expiring between Nov. 1, 2020, and April 30, have up to three months after their expiration date without being cited by law enforcement for an expired license or tags.
The Oregon Department of Transportation and Oregon law enforcement agencies agreed to the new grace period as DMV catches up with a backlog due to COVID-19 restrictions.
Under the agreement, Oregon law enforcement officers will exercise more discretion for recently expired licenses and registration before choosing whether to write a citation. Law enforcement can verify the status of a driver or vehicle registration electronically during a traffic stop.
A law enforcement moratorium under Senate Bill 1601 from an Oregon Special Legislative Session last summer will expire Dec. 31. Under that legislation, a police officer cannot issue a citation for the following DMV products if they expired between March 1 and Dec. 31, 2020:
- Driver license and identification cards
- Passenger vehicle registrations
- Commercial vehicle registrations
- Trip permits and temporary registrations
- Disabled parking permits
DMV Offices Open by Appointment
DMV offices are open by appointment — mostly those that require in-person visits such as driver license and other identification card-related services. In some parts of Oregon, the first available appointment may be two months out, so don’t wait until the last minute to schedule your appointment.
As DMV catches up with the backlog, more services will become available by appointment. We do not yet know when walk-in services can resume, but some appointments for vehicle title and registration are available now. Visit www.OregonDMV.com for a complete list of services available by office.
See if You Can Get What You Need at DMV2U
Many services are available online at DMV2U.Oregon.gov and more will be added soon. Those available now include:
- Renew your vehicle registration
- Access your DMV profile
- Schedule an appointment
- Replace a lost, damaged or stolen license or ID card
- Pay a reinstatement fee
- Report your change of address
- Report the sale of your car
- Calculate vehicles fees to mail in title and registration applications
You can also download forms and complete many transactions by mail including vehicle title transfers. Find detailed instructions at www.OregonDMV.com.
How DMV Is Catching Up
DMV has been increasing its capacity to provide services as safely as possible during the COVID-19 pandemic. The goal is to use our new system capabilities so customers get their DMV services from the comfort of their homes, and to hire more staff to help catch up with the backlog. Among our current efforts:
- Hiring additional temporary staff for field offices and call centers.
- Authorizing overtime to process mailed-in transactions.
- Adding services online by successfully finishing a multi-year system replacement in July.
- Expanding capacity for appointments from 16,000 per week this summer to nearly 28,000 per week now.
- Adding new knowledge test machines to increase capacity.
- Increasing drive test appointments at DMV offices in addition to expanding the number of private drive-test providers – both using COVID-19 safety practices.
Oregon – HB 2015 Driver Licenses For All
The 2019 Legislature passed House Bill 2015. Operative Jan. 1, the new law removes the requirement that persons applying for standard (non-Real ID) driver licenses, instruction permits, or identification cards must present proof of legal presence in the United States. In addition, DMV will issue motorcycle endorsements, motorcycle instruction permits, and farm endorsements to eligible applicants.
Applicants are required to provide DMV proof of age, identity, and Oregon residence, as well as their Social Security Number for verification with the Social Security Administration. If the applicant has not been issued an SSN, they will be required to sign a certification stating they have not been issued an SSN. Applicants will be required to present these documents to DMV at original issuance and at each renewal.
DMV credentials issued under the provisions of HB 2015 will have the same appearance and features as other non-Real ID licenses, instruction permits and ID cards.
HB 2015 does not change application requirements for Real ID credentials, Commercial driver licenses or Commercial learner permits, nor does it change requirements for limited term credentials, as these will continue to require proof of lawful status in the U.S.
For more information, visit the DMV website at www.OregonDMV.com.
Question of the Week
Q. Are IRA Accounts exempt from IRS tax levies?
A. No, some employer and self-sponsored retirement vehicles are not exempt from levy. These plans include IRA’s, QualifiedPension, Profit Sharing, Stock Bonus Plans under ERISA, and Retirement Plans for the Self-Employed (such as SEP-IRAs and KeoghPlans). Because these types of retirement vehicles are provided for the taxpayer’s future welfare, credit unions are asked to levyon the assets in a retirement account (as contrasted with income from the account) after considering alternatives.
National Credit Union Administration
NCUA Releases Q3 2020 State Credit Union Data Report
The NCUA released third quarter 2020 data for federally insured credit unions which shoes strong asset, share, and deposit growth.
2021 Exemption Thresholds Adjustments Under Regulation Z
The NCUA release Regulatory Alert 20-RA-09 which provides credit unions with information on the annual threshold adjustments to Regulation Z.
NCUA Board Approves Proposed Rule to Allow Exemptions from SAR Requirements
The NCUA Board approved a proposed rule that would allow the NCUA to issue case-by-case exemptions from SAR filing requirements for federally insured credit unions.
Consumer Financial Protection Bureau
CFPB Releases Report on Implementing Dodd-Frank Act’s Small Business Lending Data Collection Requirement
The CFPB released a panel report as part of its rulemaking process under Dodd-Frank Act Section 1071 which governs the collection and reporting of small business lending data.
CFPB Releases Final Rule on Debt Collection Practices
The CFPB Released a final rule which clarifies the information that a debt collector must provide to a consumer at the outset of debt collection communications and provides a model notice containing such information, prohibits debt collectors from bringing or threatening to bring a legal action against a consumer to collect a time-barred debt, and requires debt collectors to take certain actions before furnishing information about a consumer’s debt to a consumer reporting agency.
CFPB Issued an Advisory Opinion on Special Purpose Credit Programs
The Bureau of Consumer Financial Protection is issuing this Advisory Opinion to address regulatory uncertainty regarding Regulation B, which implements the Equal Credit Opportunity Act, as it applies to certain aspects of special purpose credit programs designed and implemented by for-profit organizations to meet special social needs. Specifically, this AO clarifies the content that a for-profit organization must include in a written plan that establishes and administers a special purpose credit program under Regulation B. In addition, this AO clarifies the type of research and data that may be appropriate to inform a for-profit organization’s determination that a special purpose credit program is needed to benefit a certain class of persons.
Financial Crimes Enforcement Network
FinCEN Asks Financial Institutions to Stay Alert to COVID-19 Vaccine-Related Scams and Cyberattacks
FinCEN has issued a notice to alert financial institutions about the potential for fraud, ransomware attacks, or similar types of criminal activity related to COVID-19 vaccines and their distribution.
ACH FAQs for Second Round of Economic Impact Payments
NACHA has released updated FAQs on the second round of Economic Impact Payments. The FAQs include information regarding the protection of these payments from garnishments and the fact that they will not be subject to reclamation since they are a tax rebate.
Federal Housing Finance Agency
The FHFA provided information on the steps that Fannie Mae and Freddie Mac are taking in the transition away from the LIBOR index.
Washington Department of Financial Institutions
DFI Urges Homeowners with Forbearance Plans to Work with Servicers Now to Create a Payment Plan Once Forbearance Ends
The DFI has provided guidance to mortgage servicers and homeowners to work together on created repayment plans prior to the end of the forbearance periods.
Office of Foreign Assets Control
OFAC has updated the SDN list as of Dec. 30, 2020. The last update prior to this was Dec. 16.
Questions? Contact the Compliance Hotline: 1.800.546.4465; [email protected].