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OSBD News: State Credit Union Board Approves Reduction in 2018 Assessments

OSBD News: State Credit Union Board Approves Reduction in 2018 Assessments

Volume 09, Number 15 November 28, 2017

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2017-11-15 CU Board

State Credit Union Board

Approves Reduction in 2018 Assessments

Governor Mary

Fallin and Bank Commissioner Mick Thompson announced this week that the

Oklahoma State Credit Union Board has approved his recommendation of a 30% discount in the assessments collected from Oklahoma state-chartered credit unions. 

This year’s

reduction should allow the Department to operate at a break-even position after

operating at a deficit for the past three years and utilizing reserves

Commissioner Thompson pointed out that the Legislature and Governor are

insistent that agencies not create large reserve funds that are unnecessary for

the agencies’ operations: “With this

year’s reduction, the Banking Department should be able to maintain a reserve

account that will provide a reasonable cushion for unplanned events, but will

also fit within Governor Fallin’s call to be fiscally responsible.” 

In addition,

the Commissioner stated that a reduction in assessments is one of the ways that

the State Banking Department can reduce regulatory burden on state-chartered

institutions. He recognized that the vast majority of regulatory matters are

issued from the federal government and that the states cannot directly

eliminate that burden. However, he stated that any savings achieved by a reduction

in assessments can be redirected by the credit unions toward the increased

costs necessary to comply with federal laws.”

Above: The Oklahoma State Credit Union

Pictured left to right: Eddie Foreman,

Lay Member; Commissioner Mick Thompson; Jason Boesch, Energize Credit Union;

Standing: Mark Kelly, Oklahoma Employees Credit Union; and Gina Wilson,

Oklahoma Central Credit Union

Please Note:

The email address from which this communication was sent is not monitored for responses. You may send responses to regina.rainey@banking.ok.gov instead. Thank you.


Oklahoma State Banking Department

2900 North Lincoln Blvd

Oklahoma City, OK 73105

Phone (405) 521-2782

Fax (405) 522-2993

Tulsa Field Office:

Triad Center I

7666 E. 61st Street

Suite 305

Tulsa, Oklahoma 74133

Local: (918) 295-3649

Fax: (918) 893-6405

Bank Board Meeting:

December 13, 2017

Credit Union Board Meeting:

February 20, 2018

Oklahoma Banking Department 
2900 North Lincoln Boulevard
Oklahoma City, Oklahoma  73105

Phone: 405-521-2782

Phone: 918-295-3649

Fax: 405-522-2993

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