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Can you summarize ORAR 441-710?
Department of Consumer and Business Services, Finance and Securities Regulation > CREDIT UNIONS (IN GENERAL)
Short Summary
The provided legal document content covers a wide range of topics related to credit unions in Oregon. It includes definitions of various terms used in Oregon Administrative Rules chapter 441, divisions 710 and 720, which govern credit unions. The document also outlines procedures for establishing and expanding credit union membership, applying for community charters, and amending credit union bylaws to expand field of membership. It provides requirements for serving former occupational or associational groups, adding underserved areas to field of membership, and obtaining low-income credit union designation. Additionally, the document addresses limitations on credit union ownership of fixed assets, requirements for credit union investment in fixed assets and premises, compensation of credit union boards of directors and supervisory committee members, creation and maintenance of Housing Agency Low Income Rental Housing Fund Accounts, approval requirements for loans exceeding $100,000, requirements for mergers of community charter credit unions, and reporting and audit requirements for credit unions. The document also covers fees and charges payable by credit unions, late charge fees for credit union reports, requirements for additional reports by credit unions investing in or loaning funds to CUSOs, requirements for reporting major changes in bookkeeping or accounting systems, requirements for regular meetings of credit union boards of directors, requirements for accrual accounting for credit unions with assets over $5 million, requirements for off-site storage of credit union records, and requirements for foreclosure notices in Oregon. These documents apply to credit unions, their members, officials, employees, and individuals or entities involved in transactions with credit unions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions, their members, officials, employees, and individuals or entities involved in transactions with credit unions
What does it govern?
Definitions of terms used in Oregon Administrative Rules chapter 441, divisions 710 and 720; procedures for establishing and expanding credit union membership; application requirements for community charters; procedures for amending credit union bylaws to expand field of membership; requirements for serving former occupational or associational groups; procedures for adding underserved areas to field of membership; criteria and requirements for low-income credit union designation; limitations on credit union ownership of fixed assets; requirements for credit union investment in fixed assets; requirements for credit union investment in premises; compensation of credit union boards of directors and supervisory committee members; creation and maintenance of Housing Agency Low Income Rental Housing Fund Accounts; approval requirements for loans exceeding $100,000; requirements for mergers of community charter credit unions with occupational or associational credit unions; requirements for presenting merger plans to credit union members; fees and charges payable by credit unions to the director; late charge fees for credit union reports; requirements for annual audits of credit unions; requirements for additional reports by credit unions investing in or loaning funds to CUSOs; requirements for reporting major changes in bookkeeping or accounting systems; requirements for regular meetings of credit union boards of directors; requirement for credit unions with assets over $5 million to use accrual accounting; requirements for off-site storage of credit union records; requirements for foreclosure notices in Oregon
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Oregon