The Oklahoma State Credit Union Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered credit unions. During the meeting held November 17, State Bank Commissioner Mick Thompson explained how the Banking Department’s current operations should result in more efficient examinations going forward. He also described how the Banking Department is implementing the Governor’s initiatives of (1) more telework and (2) reduction of the state’s “footprint” to reduce its costs. These cost savings were passed on to state-chartered credit unions through a 15% reduction in assessments. The Commissioner presented a proposed agency budget to the Board that reflected how the Department can continue efficient operation with the discount to assessments.
When combined with previous reductions, Oklahoma state-chartered credit unions have saved approximately $1.3 million in assessments through discounts approved by the State Credit Union Board. The Banking Department has used the assessment discount as both an opportunity to reduce regulatory burden on state-chartered institutions as well as an endorsement of Governor Stitt’s fiscal responsibility initiatives for state agencies.
Members of the State Credit Union Board are Mark Kelly, Oklahoma's Credit Union; Jason Boesch, Energize Credit Union; Johnny O’Hare, Cherokee Strip Credit Union; Kent Treadwell, Lay Member; and Commissioner Thompson.
