OAR 441-710-0000: Definitions

As used in Oregon Administrative Rules chapter 441, divisions 710 and 720: (1) “Abandoned premises” means former credit union premises from the date of relocation to new quarters, and property originally acquired for future expansion for which such use is no longer contemplated. (2) “Banker’s acceptance” means a time draft that is drawn on and accepted by a bank and that represents an irrevocable obligation of the bank. (3) “Borrowing repurchase transaction” means a transaction in which the credit union agrees to sell a security to a counterparty and to repurchase the same or an identical security from that counterparty at a specified future date and at a specified price. (4) “CUSO” or “credit union service organization” means an agency, association or corporation in which a credit union is authorized by ORS 723.602(5) to invest or to which it is authorized by 723.602(5) to loan funds. A CUSO may be organized for one or more of the purposes described in 723.006 or 723.602(5). (5) “Eligible obligation” means a loan or group of loans. (6) “Federal funds transaction” means a short-term or open-ended unsecured transfer of immediately available funds by one depository institution to another depository institution or entity. (7) “Fixed assets” means premises and furniture, fixtures and equipment. (8) “Furniture, fixtures and equipment” means all office furnishings (e.g., tables, chairs, desks, file cabinets, curtains, drapes, rugs, etc.), office machines, computer hardware and software, automated terminals, heating and cooling equipment. (9) “Investment in fixed assets” means: (a) Any investment in real property (improved or unimproved) which is being used or is intended to be used as premises; (b) Any leasehold improvement on premises; (c) The aggregate of the lease payments pursuant to a lease agreement on fixed assets; or (d) Any investment in furniture, fixtures and equipment. (10) “Investment repurchase transaction” means a transaction in which an investor agrees to purchase a security from a counterparty and to resell the same or an identical security to that counterparty at a specified future date and at a specified price. (11) “Members of the immediate family” means: (a) All of the following relatives of the member: grandparents, parents, spouse, children, stepchildren, grandchildren, brothers, sisters, half-brothers, half-sisters, aunts and uncles; (b) The domestic partner of a member provided the domestic partner and the primary member attest that the following conditions apply: (A) They share the same regular and permanent address; (B) Have a close personal relationship; and (C) Have agreed to be jointly responsible for basic living expenses and each others common welfare; and (c) The immediate family members of those persons described in subsections (11)(a) and (11)(b) of this rule. (12) “Mobile facility” means a movable physical facility held out by the credit union as a place of business. (13) “NCUA” means the National Credit Union Administration. (14) “Paid-in and unimpaired capital and surplus” means shares and deposits plus post-closing, undivided earnings, but does not include regular reserves or special reserves required by statute, administrative rule or special agreement between the credit union and the director or its share insurer. (15) “Premises” means any office, branch office, service center, parking lot, other facility or real estate where the credit union transacts or will transact business. (16) “Student loan” means a loan granted to finance attendance at an institution of higher education or at a vocational school, which is secured by and on which payment of the outstanding principal and interest has been deferred in accordance with the insurance or guarantee of the federal government, a state government, or any agency of either.