2011 Oregon Revised Statutes
ORS Volume 16, Chapters 705 - 752
ORS Chapter 723
723.136 Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network; contracts for use of credit union examiners; joint examination or enforcement; fees.

(1) The Director of the Department of Consumer and Business Services may enter into cooperative, coordinating and information sharing agreements with another credit union supervisory agency, with the Financial Crimes Enforcement Network established by order of the United States Secretary of the Treasury or with an organization affiliated with or representing one or more credit union supervisory agencies. The director may enter into the agreements in order to examine or supervise a non-Oregon institution branch or other office or place of business located in this state or to examine or supervise a branch of a credit union that is chartered in Oregon and is located in another state. The director may accept an agency report made pursuant to an agreement entered into under this section in lieu of the director s own examination or investigation. The agreement may resolve conflicts of laws and specify the manner in which examination, supervision and application processes will be coordinated between this state and the home state of the non-Oregon institution. The director may also share information with the Federal Home Loan Bank and the directors of the Federal Home Loan Bank.

(2) The director may enter into a contract with a credit union supervisory agency that has concurrent jurisdiction over a credit union operating a branch or other office or place of business in this state to engage the services of the agency s examiners at a reasonable rate of compensation or to provide the services of the director s examiners to the agency at a reasonable rate of compensation. The contract is exempt from competitive bidding requirements under the provisions of ORS chapters 279A and 279B. The contract may resolve conflicts of laws and specify the manner in which examination, supervision and application processes will be coordinated between this state and the home state of the non-Oregon institution.

(3) The director may enter into joint examinations or joint enforcement actions with other credit union supervisory agencies that have concurrent jurisdiction over a non-Oregon institution branch or other office or place of business located in this state or a branch of a credit union that is chartered in Oregon and is located in another state. Conducting a joint examination or enforcement action under this subsection does not prevent the director from conducting an independent examination or enforcement action at any time if the director determines that carrying out the director s responsibilities or ensuring compliance with the laws of this state requires the independent action. With respect to examinations or enforcement actions that involve non-Oregon institutions, the director may recognize:

(a) The exclusive authority of the credit union supervisory agency of the home state of the non-Oregon institution over corporate governance matters; and

(b) The primary responsibility of the credit union supervisory agency of the home state of the non-Oregon institution over safety and soundness matters.

(4) The director may share fees collected from non-Oregon institutions under the provisions of this chapter with another credit union supervisory agency or an organization affiliated with or representing one or more credit union supervisory agencies in accordance with agreements between the agency or organization and the director. [1999 c.185 39; 2003 c.794 324; 2009 c.541 41]

POWERS OF CREDIT UNIONS