Federal Regulations Ease on Community Banks
A federal regulatory reform bill that allows community banks more flexibility in handling mortgages has passed The Senate passed the bill on Wednesday and it gives local banks the ability to be more creative in offering mortgages. After the recession the federal government had passed very restrictive regulations against all lending institutions that handle mortgages, but smaller banks that were not involved in most of the lending scandals also suffered from that legislation. In a 67-31 bi-partisan vote this week the government moved to correct that by stipulating that banks with assets of less than 10 billion dollars can be more creative with mortgage lending that is held in portfolio. Oregon Pacific Bank President, Ron Green says this is a win for the mortgage consumer.
201: “I think it’s going to allow for consumers to have greater access to home loans and other consumer finance because the burden of regulatory compliance on the bank is being diminished a bit.”
Additionally the new legislation eases the regulatory paperwork for smaller institutions and changes the necessity for certain stress test that the bank must perform. Green says certain amounts of stress test are prudent for any lending institution, but smaller banks have challenges that larger banks do not.
201: “An organization like us we have one finance person on the payroll and that one person is expected to do a lot of the same things that say Umpqua bank that has a department of 25 people. And so they are again trying to right size the stress testing by eliminating or simplifying what’s expected by banks of our size.”
The new law will help to maintain the ability of smaller institutions to compete with larger ones while still maintaining safety and stability for the bank.
SVFR to Host City Council Meeting
Monday evening’s City Council meeting will be held at the Siuslaw Valley Fire and Rescue. The meeting will begin with an executive session at 4:45 for the review of a potential land sale and the regular meeting will begin at 5:30. On the agenda for the meeting will be a proclamation for the Oregon Coast Military Museum and a Veterans of Foreign Wars Awards presentation for three members of the community. The council will also be looking at an the Intergovernmental agreement with the Oregon Department of Transportation regarding the Revision Florence Project which will allow the city manager to finalize negotiations with ODOT. They will also be reviewing the city’s 2nd quarter financial.
Protections Posted for Plover
Yesterday began the nesting season of the Snowy Plover and beach goers will likely notice areas that are posted along the beaches warning of those nesting areas. New restrictions are in place regarding everything from dogs, even when leashed, to the use of drones around the nesting sites. Cindy Burns a wildlife biologist with Siuslaw National Forest says they are making great strides in reversing the downward slide of the species and is urging people to take extra care and avoid the areas where the birds are nesting. The season is a long one and extends through September 15th.
Check Your Chia Seeds
If you recently received chia seeds from any number of food bank distributors the Oregon Food bank is encouraging you to dispose of them and not to eat them. 22 thousand pounds of seed were donated to the food bank and distributed statewide in one pound poly film bags with a twist tie between November of last year through March 9th. The seeds could possibly contain rodent droppings. While there has been no reports of illness from this product the Oregon Food Bank says it is better to just dispose of the seeds.
