[Local-Gov-News] Oregon State Treasury | Service Alert

[OST NEWSLISTS]

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Update on Delayed LGIP Transactions
After further investigation with U.S. Bank and PFMAM, Treasury has confirmed the following errors and delays impacting the Local Government Investment Pool:

Redemptions
ACH redemptions out of the pool scheduled to settle today have now been processed. Due to the delay, these redemptions were processed either as same-day ACH or wire transfers to ensure receipt today. Participants should monitor their external bank accounts to confirm receipt of expected redemptions.

Purchases
ACH purchases into the pool scheduled to settle today were errantly processed as redemptions and participants will see these moneys reflected as credits to external bank accounts. Pool account balances have not been reduced by these errant redemptions. Participants should keep these unexpected moneys available in external bank accounts as ACH reversals are in process and the moneys will be debited from external bank accounts in the coming days. Participants do not need to take action to return/undo these errant redemptions.

Additionally, ACH purchases scheduled to settle today will not be debited from external bank accounts until Monday. Participants should keep these moneys available in external bank accounts. Despite this delay in the movement of moneys, these purchases are currently reflected in pool account balances, are earning dividends, and are available for transfer/redemption.

Transfers
Transfers, including participant-to-participant transfers, scheduled to settle today were not impacted by today's processing errors/delays.

We regret these errors and delays and are working closely with U.S. Bank and PFMAM to review processes and controls. We take seriously the trust you place in us and our partners each and every day, and we are committed to ensuring that necessary actions are taken to avoid these types of errors and delays going forward.
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867 Hawthorne Ave SE
Salem, OR 97301-5241

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