Oregon Revised Statutes Financial Institutions § 707.740

The board of directors of a banking institution shall annually appoint an examining or audit committee composed solely of not fewer than three outside directors of the banking institution or not fewer than three other individuals who the Director of the Department of Consumer and Business Services approves. The examining or audit committee shall examine and study the report of each examination that bank supervising authorities make and report to the board of directors within 60 days after receiving the report concerning the criticisms and suggestions contained in the report. The examining or audit committee shall also comment on any matter relative to the affairs of the banking institution that in the committee's judgment the directors should know. The report must be recorded in the minute book of the banking institution, and a copy must be transmitted to the Director of the Department of Consumer and Business Services upon the director's request.