Oklahoma Governor Signs Prize-Linked Savings into Law

Posted: Apr 28, 2021 | Author: Cornerstone League

advocacy government relations Oklahoma credit unions Prize Savings Account

Oklahoma credit unions enjoyed a big win this week after Gov. Kevin Stitt signed Prized-Linked Savings into law. Starting on Nov. 1, credit unions will be able to conduct savings promotions to incentivize savings.

Prize-linked savings programs motivate people to save money by offering them prizes that are linked to their savings accounts.

Oklahoma Credit Union Association Executive Director Nate Webb amplified credit unions’ voices and worked diligently to advance this important part of Cornerstone’s agenda in the Oklahoma legislature.

“I am so glad we were able to get Prize-Linked Savings put into law,” said Webb. “It’s a wonderful way to incentivize savings and let credit unions do what they do best—help our members and our communities. The success of the PLS bill is one of the many encouraging developments in our legislative agenda.”

For information regarding specific legislation affecting Oklahoma credit unions, contact Nate Webb nwebb@okcua.coop.