In 2013, the Legislature adopted changes to the Oregon Bank Act (ORS chapters 706 to 716) which requires the Director of the Department of Consumer and Business Services to set the frequency of board meetings by rule. The proposed rulemaking activity sets the minimum number of regularly-scheduled meetings at four times per year, with flexibility that allows the Director to require additional meetings if needed to meet the unique situation of a particular banking institution. The rule became effective this week.
Prior to 2013, boards of directors of banking institutions met at least once a month; however, banking institutions could obtain approval from the Director of the Department of Consumer and Business Services to meet less frequently than once a month.
For additional information, please click here.