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Oregon Bulletin

September 1, 2013

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

Rule Caption: Permanently aligns state and federal regulations concerning unimproved credit union property held for future expansion

Adm. Order No.: FCS 3-2013

Filed with Sec. of State: 7-19-2013

Certified to be Effective: 7-19-13

Notice Publication Date: 6-1-2013

Rules Amended: 441-710-0270

Rules Repealed: 441-710-0270(T)

Subject: This permanent rulemaking activity aligned Oregon rules concerning unimproved credit union property held for future expansion with federal regulations applicable to federally-chartered credit unions. In January 2013, the Department of Consumer and Business Services adopted a temporary rule allowing a state-chartered credit union up to six years to partially utilize unimproved property held for future expansion (see Admin. Order No. FCS 1-2013(Temp)). The temporary rule maintained regulatory parity with federally-chartered credit unions, which due to recent changes by National Credit Union Administration (NCUA) regulations, could hold unimproved real property longer than a state-chartered credit union. This amendment adopted the temporary rule, unamended, on a permanent basis.

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

441-710-0270

Investment in Premises

(1) When real property is acquired for future expansion, at least partial utilization should be accomplished within a reasonable period, which shall not exceed three years unless otherwise approved in writing by the Director.

(2) When a credit union acquires unimproved real property for future expansion, the credit union shall at least partially utilize the property within a reasonable period of time, not to exceed six years unless otherwise approved in writing by the Director.

(3) After real property acquired for future expansion under sections (1) or (2) of this rule has been held for one year, a board resolution with definitive plans for utilization must be available for inspection by the Director’s examiners.

(4) Investments in premises will be recorded on the credit union’s books in accordance with generally accepted accounting principles. The cost of land shall be carried on the books of the credit union in an account separate from the cost of improvements thereon.

Stat. Auth.: ORS 723.102

Stats. Implemented: ORS 723.152

Hist.: BB 4-1982, f. 8-24-82, ef. 9-1-82; Renumbered from 805-072-0320; FCS 2-2005, f. & cert. ef. 8-25-05; FCS 1-2013(Temp), f. 1-4-13, cert. ef. 2-1-13 thru 7-31-13; FCS 3-2013, f. & cert. ef. 7-19-13

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, 2012.

2.) Copyright 2013 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

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