Loading

Oregon Bulletin

April 1, 2011

 

Department of Consumer and Business
Services, Division of Finance and Corporate Securities
Chapter 441

Rule Caption: Set fees for credit union program and change date payment is due.

Adm. Order No.: FCS 3-2011

Filed with Sec. of State: 3-7-2011

Certified to be Effective: 3-8-11

Notice Publication Date: 1-1-2011

Rules Amended: 441-710-0500

Subject: The Department of Consumer and Business Services (DCBS) revised its credit union assessment rule to ensure that Oregon-chartered credit union fees are equitable, and that the assessment fees accurately reflect the costs of supervision. The amended rule increases the excess rate 26 percent to produce a positive fund balance through the end of December 31, 2011. The increase covers decreased revenue resulting from a recent merger of a state-chartered credit union with a federal credit union and costs associated with additional joint examinations of credit unions with assets over $250 million. The amended rule also changes the date fees are due from March 1 to April 1. Changing the due date will provide DCBS sufficient time to calculate the assessments and provide the credit unions with 30 days notice of the assessment amount.

Rules Coordinator: Shelley Greiner—(503) 947-7484

441-710-0500

Fees and Charges Credit Unions Pay the Director

(1) Effective March 8, 2011, the annual regulatory fee under ORS 723.114(1), which is due and payable on April 1 of each calendar year, by each credit union, with assets of:

(a) Less than $10 million, is $250 plus .000163 of all assets;

(b) $10 million or more but less than $20 million, is $1110 plus .000197 of all assets;

(c) $20 million or more but less than $50 million, is $1170 plus .000188 of all assets;

(d) $50 million or more but less than $100 million, is $1350 plus .000178 of all assets;

(e) $100 million or more but less than $200 million, is $7100 plus .000125 of all assets;

(f) $200 million or more but less than $500 million, is $7900 plus .000120 of all assets;

(g) $500 million or more but less than $1 billion, is $9400 plus .000116 of all assets;

(h) $1 billion or more but less than $2 billion, is $10,400 plus .000115 of all assets;

(i) $2 billion or more is $12,400 plus .000113 of all assets.

(j) If the credit union is a corporate credit union, the fee schedule is $16,800 plus .0000345 of all assets.

(2) The rate of charge payable by a credit union is $75 an hour for each examiner used in an examination for extra services provided a credit union under ORS 723.114(2).

(3) Notwithstanding the rate of charge fixed by section (2) of this rule:

(a) If an examiner from the division or the Supervisor is required to travel out of state for an examination or to provide extra service, the rate of charge payable by the credit union is $75 an hour per person, plus actual expenses for travel and subsistence;

(b) If the examination or the extra service is performed by a consultant hired by contract for the particular work, the charge payable by the credit union is the actual cost to the division of the contract consultant.

(4) In addition to the charges fixed by sections (2) and (3) of this rule, the Director will collect from a credit union any additional costs directly attributable to extra services given the credit union under ORS 723.114(2).

(5) As used in this rule:

(a) “Assets” means the average value of total assets reported by the credit union for the four calendar quarters for the year immediately preceding the due date of the fee. However, if a credit union was not in existence or doing business in this state during all of the prior calendar year “assets” means the average assets reported on the quarterly reports for the quarters for which reports were required to be filed during the calendar year immediately preceding the due date of the fee.

(b) “Extra service” means any special examination or examination in connection with a conversion.

(6) The annual regulatory fee of a credit union that is party to a merger or conversion, or is liquidated or dissolved:

(a) Is not subject to refund in whole or in part if the merger, conversion, liquidation or dissolution occurs prior to the end of the calendar years for which a fee has been paid;

(b) Is not subject to pro ration if the credit union operated during any part of the calendar year during which the merger, conversion, liquidation or dissolution occurred.

(7) An application for a credit union charter under ORS 723.012 must be accompanied by a fee of $350.

(8) An application to establish an additional place of business under ORS 723.032 must be accompanied by a fee of $300.

(9) The Director may by order reduce the fees assessed for any specific year.

Stat. Auth.: ORS 705.620, 723.012, 723.032, 723.102 & 723.532

Stats. Implemented: ORS 723.114 & 723.532, Ch. 343, 2007 OL

Hist.: FID 9-1985, f. & ef. 12-31-85; FCS 2-1988, f. 1-29-88, cert. ef. 2-1-88; Renumbered from 805-072-0010; FCS 1-1989, f. 1-18-89, cert. ef. 2-1-89; FCS 1-1991, f. 1-28-91, cert. ef. 2-15-91; FCS 3-1994, f. 2-1-94, cert. ef. 2-15-94; Administrative correction 9-29-97; FCS 3-2000, f. & cert. ef. 3-9-00; FCS 3-2001, f. & cert. ef. 2-13-01; FCS 1-2005(Temp), f. & cert. ef. 3-4-05 thru 8-30-05; Renumbered from 441-710-0010, FCS 2-2005, f. & cert. ef. 8-25-05; FCS 1-2008, f.& cert. ef. 1-28-08; FCS 3-2011, f. 3-7-11, cert. ef. 3-8-11

Notes
1.) This online version of the OREGON BULLETIN is provided for convenience of reference and enhanced access. The official, record copy of this publication is contained in the original Administrative Orders and Rulemaking Notices filed with the Secretary of State, Archives Division. Discrepancies, if any, are satisfied in favor of the original versions. Use the OAR Revision Cumulative Index found in the Oregon Bulletin to access a numerical list of rulemaking actions after November 15, 2010.

2.) Copyright 2011 Oregon Secretary of State: Terms and Conditions of Use

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
Phone: (503) 986-1523 • Fax: (503) 986-1616 • oregon.sos@state.or.us

© 2013 State of Oregon All Rights Reserved​