Pandemic dominates discussion at Oklahoma State CU board meeting

The ongoing pandemic dominated much of the discussion at Tuesday’s quarterly meeting of the Oklahoma State Credit Union Board—specifically, operations of the Oklahoma Banking Department (OBD), the agency that regulates Oklahoma’s state-chartered credit unions.

Like many state agencies, much of OBD’s work has been conducted remotely, including much of the examination process. In fact, Banking Commissioner Mick Thompson told the panel that moving forward, the department will permanently adopt a hybrid examination process that will limit the need for in-person meetings. 

“Examinations will never be the same,” Thompson told the board.

The commissioner proposed—and the board approved—a 15% reduction in annual assessments, a savings Thompson said would be particularly helpful to smaller credit unions.

In other actions, the board approved bylaw changes for True Sky Credit Union and El Reno Credit Union.

The fourth quarter meeting was the last for one board member and the first for another. Long-time board member Jason Boesch is stepping down following his resignation as CEO of Energize Credit Union in Oklahoma City. A replacement awaits the governor’s appointment and senate confirmation.

Thomas Treadwell participated in his first meeting. Treadwell is a former credit union CEO and current board volunteer for Oklahoma’s Credit Union.

If you have questions about this story, please contact Oklahoma Credit Union Association Executive Director Nate Webb.