Oklahoma Credit Unions Celebrate Anti-Fraud Legislative Victory

Oklahoma credit unions are celebrating the passage of SB 2067, a key legislative victory from the 2026 session that strengthens protections for vulnerable Oklahomans facing financial exploitation.

The ceremonial bill signing marked the culmination of work to give credit unions and other financial institutions additional tools to identify, report, and help prevent suspected financial exploitation.

Under the new law, financial institution employees who have reasonable cause to suspect financial exploitation of a protected adult must notify their institution. The institution can assess the situation and report suspected exploitation to the appropriate agency. The law also allows financial institutions to notify a trusted contact and temporarily hold certain transactions when exploitation is suspected, helping prevent funds from leaving an account while concerns are investigated.

SB 2067 also allows financial institutions to share certain information and records with agencies investigating suspected financial exploitation and provides liability protections for institutions and employees that act in accordance with the law.

Developed in collaboration with the Oklahoma Bankers Association, the legislation strengthens credit unions’ ability to intervene when fraud or financial exploitation is suspected and provides additional safeguards for vulnerable Oklahomans.

Many thanks go to the Oklahoma Credit Union Association, Communication Federal Credit Union President/CEO Stephen Lark, and Vice President of Compliance Heather Converse for their leadership and work on this important issue.