In order to become a Qualified Bank Depository for Oregon public funds and to be listed in the qualified depository list, a bank needs to complete the following documents:
In order to become a Qualified Credit Union Depository for Oregon public funds and to be listed in the qualified depository list, a credit union needs to complete the following documents:
To become a qualified depository each organization must execute a pledge agreement with the Program’s custodian bank and the Office of the State Treasurer (OST). Currently, the only custodian bank approved for the Oregon Public Funds Collateralization Program is the Federal Home Loan Bank of Seattle (FHLB). Depositories accepting public funds must establish a custodial relationship with FHLB. Each pledge agreement must be accompanied by a governing Board or Committee Resolution (see Exhibit B above). This resolution must indicate that the organization has Board/Committee approval to enter into a pledge agreement, and must include the signature of a Board/Committee representative. Resolutions must be kept as a permanent record of the depository.
INITIAL TREASURER REPORT
The Initial Treasurer Report requires information from a depository’s quarterly regulatory reporting. Depositories are also asked to estimate their total uninsured Oregon public funds balances for the next quarter (the amount of public funds deposits not covered by an insurance program – currently deposit amounts in excess of $250,000). This estimate is used to calculate the depository’s maximum liability and minimum collateral requirement (the minimum value of securities that must be deposited with FHLB as collateral for uninsured public funds deposits).
Qualified depositories must use the Oregon Public Funds Collateralization Program (PFCP) web application to submit weekly, monthly and quarterly Treasurer Reports, and to request approval for any security pledges or releases from a collateral account at FHLB. Each depository must designate employees that will have access to the web application, and specify their level of access. Each designated employee will be required to download a digital certificate, provided by OST, in order to access the web application.
ORS 295.001 - PFCP Eligible Collateral Guidelines
For more information regarding the Public Funds Collateralization Program, please contact:
Public Funds Help Line: 503-378-3400
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