2015 ORS 723.134¹
Receipt of deposits from person not a member of credit union
  • secondary capital accounts
  • rules

(1) The Director of the Department of Consumer and Business Services by rule may establish guidelines for determining whether a credit union predominantly serves low-income members. If the director, using the guidelines established in accordance with this subsection, determines that a credit union predominantly serves low-income members, the credit union may:

(a) Receive deposits from a person that is not a member of the credit union and allow the person to hold shares in the credit union; and

(b) Issue secondary capital accounts that are subject to any terms and conditions that the Director of the Department of Consumer and Business Services may prescribe by rule.

(2) For purposes of this section, "secondary capital account" means a deposit or share account that is not insured by the National Credit Union Share Insurance Fund, or another primary share insurer approved by the Director of the Department of Consumer and Business Services, and that is subordinate to all other claims against the credit union, including claims of creditors, owners of share accounts and the National Credit Union Share Insurance Fund or another insurer approved by the Director of the Department of Consumer and Business Services. Secondary capital accounts that the credit union issues in accordance with this section are equity as defined in ORS 723.001 (Definitions) for the purposes of ORS 723.631 (Regular reserve) and for any other purpose.

(3) The powers set forth in this section are in addition to the powers the credit union has under ORS 723.152 (General powers). [2007 c.343 §5]

Chapter 723

Atty. Gen. Opinions

Political contribu­tions by savings and loan associa­tion or a credit union, (1974) Vol 37, p 144; depositing deferred salaries of state employes in state-chartered credit unions, (1977) Vol 38, p 911; authority of state chartered credit unions to enlarge membership to include govern­mental units participating in deferred compensa­tion plans, (1977) Vol 38, p 1188


1 Legislative Counsel Committee, CHAPTER 723—Credit Unions, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors723.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2015, Chapter 723, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano723.­html (2015) (last ac­cessed Jul. 16, 2016).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.