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The change means Oregon government entities will Lv Eva Clutch Damier
New collateral protection allows credit unions to join banks and become qualified public depositories
The cities of Portland, Beaverton, Corvallis, Independence and Klamath Falls have signed letters pledging to deposit funds in excess of $250,000 in one or more of the participating credit unions. At least five credit unions are expected to hold public funds above that insurance threshold.
As of December 31, there were 37 banks qualified as public fund depositories in Oregon and 27 of those held public funds, which totaled about $1.6 billion. The funds are deposited by the gamut of governments, from state agencies to school districts to cities to water districts.
The new Oregon Credit Union Public Funds Collateralization Program allows credit unions, for the first time in Oregon history, to accept public funds deposits that exceed federal insurance limits. Until now, only qualified banks could accept substantial public deposits beyond the limit, now $250,000 per depositor.
The amount of required collateral from each credit union will depend on their uninsured public funds balance, which must be reported to the State Treasury either weekly or monthly. The minimum collateral requirement can range from 10 to 110 percent of uninsured public funds deposits, depending on the capitalization level of the individual credit union and the number of participating credit unions in the program.
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Expanding the Public Funds Options for Local Governments
SALEM Beginning April 1, 2013, qualified credit unions can accept and Louis Vuitton Keepall safely hold large public funds deposits in Oregon.
have additional options for deciding where to keep their funds, while still being assured those public deposits are protected in the event of a bank or credit union failure.
The State Treasury administers the Public Funds Collateralization Program for banks, and will also oversee the parallel program for credit unions. Participating institutions protect deposits above the insured threshold by posting securities as collateral against uninsured public funds balances. In the event of a loss, the state can recover public funds by selling this collateral.
public funds that are deposited in private institutions," said State Treasurer Ted Wheeler. "I am pleased that Louis Vuitton Neverfull Pm Bag
Bank deposits of as much as $250,000 are already insured by the Federal Deposit Insurance Corp., and credit union deposits to that same level are insured by the National Credit Union Administration.
The ten initial participating credit unions are Unitus, Pacific Crest, OSU Federal Credit Union, OnPoint, Advantis, MAPS Credit Union, Northwest Community, Old West, Wauna Federal Credit Union, and Oregon Community.
credit unions have worked with Treasury to create the necessary safeguards, which allow them to also keep government deposits."
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