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PREHEAT oven to 375°F. Brown meat with onion in large skillet; drain. Stir in beans, taco sauce, green chilies, chili powder, salt and oregano. Spoon into 2-quart shallow baking dish; set aside.
BRING milk just to boil in medium saucepan. Gradually add cereal, stirring constantly. Cook on medium heat 30 seconds, stirring constantly. Remove from heat. Cover; let stand 5 minutes. Add cheese; stir until melted. Spread over meat mixture in baking dish.
BAKE 25 to 30 minutes or until heated through.