(1) The Director of the Department of Consumer and Business Services shall receive and file in the Department of Consumer and Business Services all reports required by the Bank Act.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

(2) Except as provided in subsection (3) of this section and ORS § 706.730, the records of the Department of Consumer and Business Services that pertain to the administration of the Bank Act are available for public inspection unless the director determines in a particular instance that an Oregon operating institution or the directors, stockholders, officers, employees and customers of the Oregon operating institution have an interest in keeping the records confidential that outweighs the public interest in disclosing the records, or that the records are exempt from disclosure under ORS § 192.338, 192.345 and 192.355. A determination by the director under this subsection is subject to review under ORS § 192.311 to 192.478.

(3) Except as provided in subsections (4) and (5) of this section, the following records of the department are exempt from disclosure or production and must be treated as confidential as provided in ORS § 705.137:

(a) Examination reports and work papers, directives, orders and correspondence that relate to examination reports.

(b) Financial statements of and investigatory information concerning persons subject to investigation by the director under ORS § 707.070, 707.080, 707.110, 707.140, 707.145, 707.155 or 707.705.

(c) Proprietary information.

(d) Reviews of financial statements submitted to the director.

(e) Reports filed under ORS § 706.655.

(f) Stockholder lists.

(g) Correspondence, reports or other information obtained from or provided to the Financial Crimes Enforcement Network established by order of the United States Secretary of the Treasury.

(4) Notwithstanding subsection (3) of this section, the director may disclose a record that is specified in this subsection and that pertains to an Oregon operating institution that has been liquidated under ORS § 711.400 to 711.615 if the director determines in a particular instance that the public interest in disclosure of the record outweighs the interests of the Oregon operating institution or of the directors, stockholders, officers, employees or customers of the Oregon operating institution in keeping the record confidential. The director may not in any circumstances, however, disclose a record or a portion of a record that contains proprietary information or information that relates to a person‘s financial activities or affairs unless the director concludes that the activities or affairs were a direct and substantial contributing factor in the failure of the Oregon operating institution. This subsection applies to the following records of the department:

(a) Examination reports and work papers, directives, orders and correspondence relating to examination reports;

(b) Investigatory information concerning persons subject to investigation by the director under ORS § 707.070, 707.080, 707.110, 707.140, 707.145, 707.155 or 707.705;

(c) Reviews of financial statements; and

(d) Reports filed under ORS § 706.655.

(5) Notwithstanding ORS § 40.270, an officer of the department may be examined concerning records that are exempt from disclosure under subsection (2) or (3) of this section and ORS § 706.730. The records are subject to production if the court before which a civil or criminal action is pending finds that the examination and production is essential for establishing a claim or defense. In making a finding under this subsection, if the court views the records, the court shall do so in camera.

(6) A civil penalty the director imposes under the Bank Act is subject to public inspection after the 20th day after the director imposes the civil penalty.

(7) All records of the department that pertain to the condition of Oregon operating institutions may be furnished to:

(a) The Federal Reserve Bank and examiners from the Federal Reserve Bank.

(b) The Comptroller of the Currency of the United States and national bank examiners.

(c) The Federal Deposit Insurance Corporation and examiners from the Federal Deposit Insurance Corporation.

(d) The Federal Home Loan Bank of which the operating institution is a member or to which the operating institution has applied for membership.

(e) The State Treasurer, if the Oregon operating institution is or has applied to become a depository of public fund deposits.

(f) A supervisory authority that regulates financial institutions, financial holding companies or bank holding companies.

(g) The respective Oregon operating institution, or the financial holding company or bank holding company that controls an Oregon operating institution.

(8) The director shall prescribe and furnish to interested persons the forms for all reports required by the Bank Act.

(9) If the director is requested to disclose any record subject to this section and the record contains both material that is exempt from disclosure under this section or any other provision of law and material that is not exempt from disclosure, the director shall separate the exempt and nonexempt material and shall disclose only the nonexempt material. [Amended by 1973 c.797 § 43; 1975 c.515 § 6; 1983 c.37 § 3; 1983 c.367 § 2; 1985 c.762 § 33a; 1985 c.786 § 14; 1987 c.373 § 50a; 1993 c.318 § 8; 1995 c.314 § 2; 1997 c.631 § 18; 1999 c.107 § 2; 2001 c.377 § 21; 2007 c.871 § 30; 2009 c.541 § 31; 2015 c.244 § 12]