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Credit union frequently asked questions

Q:  

How can I start a credit union in Oregon?

A:  

A credit union can be chartered by the state Division of Finance and Corporate Securities (DFCS), Salem, Oregon, or by the federal chartering agency, the National Credit Union Administration (NCUA) in Tempe, Arizona. Individuals can also contact the Credit Union Association of Oregon for assistance in chartering a credit union.

      Division of Finance and Corporate Securities: (503) 378-4140

      Credit Union Association of Oregon: (503) 641-8420 or (800) 688-6098

      National Credit Union Administration: (602) 302-6000


Q:   What if I find an error in my credit union call report after submitting it to DFCS?
A:  

Send the corrected report electronically in the same manner as originally done.  Contact the Division's credit union program support staff or manager with page and line numbers of all corrections. 


Q:  

What is the difference between a federal-chartered credit union and a state-chartered credit union?

A:  

A federal-chartered credit union is chartered by the federal government under the Federal Credit Union Act. A state-chartered credit union is chartered by the State of Oregon under the Oregon Credit Union Act.


Q:  

What is the process for amending my state-chartered credit union bylaws?

A:  

Amendments to the bylaws are covered in Article XVIII or thereabout. Generally, the amendment is approved by the Board of Directors and then forwarded to the Division of Finance and Corporate Securities for approval. The bylaw amendment transmittal form (2780.pdf) can be found in the forms section of our Web site. The amendment will become effective after it has been approved by the state. 


Q:  

Who insures the deposits in a credit union?

A:  

All credit unions in state-chartered and federal-chartered credit unions are insured up to $250,000 per account by the National Credit Union Share Insurance Fund (NCUSIF) and backed by the full faith and credit of the U.S. government.