SALEM, Ore.–The regulator for Oregon’s state-chartered credit unions has been merged with the state’s insurance regulator.
The Oregon Department of Consumer and Business Services (DCBS) said it has combined the finance and insurance divisions into the new Division of Financial Regulation.
"This new structure will allow us to focus more effectively on consumer protection while still assuring competitive markets for financial products," the regulator said in a statement. "The financial services industry, including insurance, has been evolving rapidly since before the dot-com era. By organizing this way, we can maintain our broad focus on the entire industry, and not just a few products."
Insurance Commissioner Laura Cali has been named administrator of the new division.
The Northwest Credit Union Association said it and credit union leaders have asked whether blended staffing will result in more experienced examiners, and a cross-department understanding and respect for the uniqueness of delivering cutting edge services under a not-for-profit cooperative financial services model.
The NWCUA noted that during a November briefing with NWCUA President and CEO Troy Stang and Assistant Vice President of Regulatory Advocacy John Trull, agency representatives stressed that agency leadership at all levels would remain involved as the agency reorganizes for the future and “will remain in constant communication with the industry stakeholders. “