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Oklahoma Credit Union Board approves reduction in 2020 assessments

by Cornerstone Credit Union League | Nov 21, 2019

In furtherance of the “Top Ten State” initiatives pursued by Gov. Kevin Stitt, State Bank Commissioner Mick Thompson announced this week that the Oklahoma State Credit Union Board approved the Commissioner’s recommendation to discount the assessments paid by Oklahoma state-chartered credit unions. This year’s discount reduces the assessment by 15% for each credit union. The Commissioner presented a proposed agency budget to the Board that reflected how the Department can continue its efficient operation with the discount to assessments.

OK CU Board Approves Reduction in 2020 Assessments
Pictured are Oklahoma State Credit Union Board Members. Seated: Mark Kelly, Oklahoma's Credit Union; Commissioner Mick Thompson; and Jason Boesch, Energize Credit Union. Standing: Nate Webb, Oklahoma Credit Union Association; Eddie Foreman, lay member; and Johnny O'Hare, Cherokee Strip Credit Union. 

When combined with previous reductions, Oklahoma state-chartered credit unions have received discounts totaling approximately $1.3 million in assessments during the past nine years. The Banking Department has used the assessment discount as both an opportunity to reduce regulatory burden on state-chartered institutions as well as an endorsement of Gov. Stitt’s fiscal responsibility initiatives for state agencies.