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Credit union frequently asked questions

  
  • How can I start a credit union in Oregon?
  • What if I find an error in my credit union Call Report after submitting it?
  • What is the difference between a Federal-chartered credit union and a state-chartered credit union?
  • What is the process for amending my state-chartered credit union bylaws?
  • Who insures the deposits in a credit union?
  • How can I start a credit union in Oregon?
       A credit union can be chartered by the state Department of Consumer and Business Services, 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 Northwest Credit Union Association for assistance in chartering a credit union.

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

    Northwest Credit Union Association: 800-995-9064

    National Credit Union Administration: 602-302-6000


    What if I find an error in my credit union Call Report after submitting it?
       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.

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

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

    Who insures the deposits in a credit union?
       All shares and deposits in state-chartered and Federal-chartered credit unions in Oregon are insured up to $250,000 per account, generally, by the National Credit Union Share Insurance Fund (NCUSIF) and backed by the full faith and credit of the U.S. government. The insured amount may be more depending on the account names.