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Oklahoma State CU Board Approves 50 Percent Reduction in 2015 Assessments
Monday, December 22, 2014 7:00 AM

Oklahoma State Board
The Oklahoma State Credit Union Board. Pictured left to right: Commissioner Mick Thompson; Richard Ficken, Lay Member; Gina Wilson, Oklahoma Central Credit Union; and Jason Boesch, Energize Credit Union. Not pictured: Mark Kelly, Oklahoma Employees Credit Union.

Bank Commissioner Mick Thompson announced today that the Oklahoma State Credit Union Board has approved his recommendation of a 50 percent discount in the assessments collected from Oklahoma state-chartered credit unions with assets of $100 million or less and a 30 percent discount for those with more than $100 million in assets. 

The Commissioner presented a proposed budget to the Board that reflected how the Department can continue its efficient operation even with the reduction in assessments. This is the third year in a row that the Board approved reduced assessment rates for state-chartered credit unions. In 2012 and 2013, assessments were discounted by 15 percent and 10 percent respectfully.

Commissioner Thompson stated, “These discounts are intended to reflect increased efficiencies that the Department has achieved as well as a reduction in the regulatory burden on state-chartered credit unions.  The savings experienced by credit unions can be redirected toward service to their members.” 

Oklahoma Central Credit Union President Gina Wilson said, "The 17 state-chartered credit unions in Oklahoma are impacted by the annual assessments, so we are grateful to the Department for its work in finding efficient ways to operate and pass along that savings to credit unions. This reduction will return more money to the credit union members."

Oklahoma Credit Union Association President Nate Webb said of the decision, "This is clearly good news for Oklahoma’s state-chartered credit unions. I compliment Commissioner Thompson for working with credit unions in an effort to identify and reduce redundancies in the examination process. These efforts save our credit unions both time and money."