State Credit Union Board Approves 50% Reduction in 2023 Assessments

The Oklahoma State Credit Union Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered credit unions. In accordance with Governor Stitt’s fiscal responsibility initiatives for state agencies and to be a “Top Ten” state, the 2023 assessment rate was discounted 50%.

During the meeting held November 15, State Banking Commissioner Mick Thompson explained how the Banking Department implemented several operational changes over the past 18 months that have resulted in savings to the agency. The Banking Department has recommended a discount to credit union assessments each year for the past decade.  When combined with previous reductions, Oklahoma state-chartered credit unions have saved over $1.5 million.  The Banking Department has used the assessment discount as an opportunity to reduce regulatory burden on state-chartered institutions.

Members of the State Credit Union Board are Luann Schmiedel, Oklahoma's Credit Union; Cindy White, Oklahoma Educators Credit Union; Steve Rasumussen, Lay Member; and Commissioner Thompson.