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Oklahoma Banking Department to Be Held Harmless in State Budget
Friday, May 26, 2017 6:55 AM

Despite indications to the contrary earlier in the week, the Oklahoma banking department will be held harmless in the final version of the state budget expected to be approved later today.

Oklahoma Credit Union Association President Nate Webb said that a preliminary version of the budget that rolled out Wednesday proposed raiding $1 million from the department's reserve fund.

The account maintained by the department is funded by assessments paid by state-chartered credit unions and banks and is intended as a backstop to cover operational expenses, should the environment dictate increased funding needs. In recent years, the fiscal health of the reserve fund has allowed the department to provide significant refunds to Oklahoma credit unions.

Webb reports that on Wednesday, Banking Commissioner Mick Thompson advised that we avoid a high-profile call to action, and instead conduct a behind-the-scenes effort to convince budget negotiators, emphasizing the fact that the funds belong to credit unions and banks and are not money intended for general appropriations.

"The strategy worked," Webb said, "and the reserve fund will remain intact."

For more information, please contact Nate Webb at 405-445-1510 or nwebb@okcua.coop.