(1) Each banking institution is subject to the inspection of the Director of the Department of Consumer and Business Services. The director shall conduct an examination of the condition and resources of each banking institution, and determine whether the banking institution is complying with the laws of this state and such other matters as the director may prescribe. Except as provided in subsections (3) and (5) of this section, the examinations shall be conducted not more than 24 months apart.
(2) Subject to ORS 706.515, the director shall have the power at any time in the discretion of the director to examine every branch of a non-Oregon institution located in this state, for the same purposes and to the same extent as provided in the case of banking institutions.
(3) The director may participate in any program offered by the Federal Deposit Insurance Corporation or the Federal Reserve Board that provides for joint or alternate examinations of banking institutions and non-Oregon institutions by the director and the Federal Deposit Insurance Corporation or the Federal Reserve Board.
(4) In addition to the examinations under subsection (1), (2) or (3) of this section, the director may conduct examinations of a banking institution at any other time.
(5) Instead of making an examination of a banking institution or non-Oregon institution under subsection (1), (2) or (3) of this section, the director may accept an examination or report made under the Federal Reserve Act or under other statutes of the United States authorizing insurance of deposits. [Amended by 1973 c.797 §22; 1981 c.192 §4; 1985 c.786 §7; 1997 c.631 §3a]Section: Previous 706.450 706.455 706.460 706.470 706.475 706.480 706.490 706.500 706.510 706.515 706.520 706.530 706.540 706.544 706.548 Next
Last modified: August 7, 2008