ORS 708A.010 Investments and activities of Oregon commercial banks

Notwithstanding any provision of the Bank Act to the contrary, Oregon commercial banks may:

Engage as principal or agent in activities in which national banks may engage as principal or agent and acquire and retain investments that national banks may acquire and retain, subject to conditions and restrictions that apply to national banks; and

Engage as principal or agent in activities and acquire and retain investments that are permissible for state chartered banks under 12 C.F.R. 362.3(b) and 12 C.F.R. 362.4(c), subject to conditions and restrictions provided in 12 U.S.C. 1831a, 12 C.F.R. 362, and other applicable federal law.

Notwithstanding any provision of the Bank Act to the contrary, subsidiaries of Oregon commercial banks may:

Engage as principal or agent in activities in which subsidiaries of national banks may engage as principal or agent and acquire and retain investments that subsidiaries of national banks may acquire and retain, subject to conditions and restrictions that apply to subsidiaries of national banks; and

Engage as principal or agent in activities and acquire and retain investments that are permissible for subsidiaries of state chartered bank subsidiaries under 12 C.F.R. 362.3(b) and 12 C.F.R. 362.4(c), subject to conditions and restrictions provided in 12 U.S.C. 1831a, 12 C.F.R. 362, and other applicable federal law.

Activities and investments described in subsections (1) and (2) of this section that require notice to or approval of the Comptroller of the Currency do not require Oregon commercial banks or subsidiaries of Oregon commercial banks to give notice to or obtain approval from the Comptroller of the Currency, but Oregon commercial banks or subsidiaries of Oregon commercial banks shall give notice to or obtain approval from the Director of the Department of Consumer and Business Services. For purposes of this section, references in federal statutes, regulations and other authorities that prescribe the permissible activities and investments of national banks and subsidiaries of national banks refer whenever practicable to comparable provisions of Oregon law. The director may approve an activity or investment that requires the director’s approval, subject to such conditions as the director deems appropriate.

The purpose of this section is to grant Oregon commercial banks and subsidiaries of Oregon commercial banks all investment and activity power and authority, as principal or agent, permitted state chartered banks under federal law.