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Can you summarize ORAR 441-720?
Department of Consumer and Business Services, Finance and Securities Regulation > CREDIT UNIONS
Short Summary
The provided legal document content covers a range of topics related to credit unions. It includes information on the powers and requirements for Oregon chartered corporate central credit unions, definitions of terms used in the credit union sector, risk weights and categories for credit unions, minimum capital ratio requirements for corporate central credit unions, procedures and computations for credit unions, required reserve transfers for corporate central credit unions, fidelity bond coverage requirements, adoption of federal statutes and regulations, mortgage assumptions, loan participations, commercial loans, collateral and security requirements, member business loans, board responsibilities and operational requirements for commercial lending, policies and procedures for commercial lending, risk classification of commercial loans, and waivers for specific loan types. The documents apply to credit unions, specifically corporate central credit unions, state-chartered credit unions, and credit unions engaging in commercial lending. Exemptions are mentioned for credit unions with low-income designation, those participating in community development financial institutions programs, those chartered for the purpose of making member business loans, and those with a history of primarily making commercial loans. No specific penalties are mentioned in the documents.
Whom does it apply to?
The documents apply to credit unions, specifically corporate central credit unions, state-chartered credit unions, and credit unions engaging in commercial lending.
What does it govern?
The provided legal document content covers various aspects of credit unions, including risk-based capital requirements, reserve transfers, investment procedures, loan participations, collateral and security requirements, commercial lending, member business loans, and waivers.
What are exemptions?
Exemptions are mentioned for credit unions with low-income designation, those participating in community development financial institutions programs, those chartered for the purpose of making member business loans, and those with a history of primarily making commercial loans.
What are the Penalties?
No specific penalties are mentioned in the documents.
Jurisdiction
Oregon