FARMERS BRANCH, Texas (12/23/14)--The Oklahoma State Credit Union Board approved a 50% discount in assessments collected from Oklahoma state-chartered credit unions with assets of $100 million or less, and a 30% discount for those with more than $100 million in assets.
State Bank Commissioner Mick Thompson presented a proposed budget to the board that reflected how the department can continue its efficient operations even with the reduction in assessments, the Cornerstone Credit Union League reported (Leaguer Dec. 22). 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% and 10, respectively.
"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," Thompson said. "The savings experienced by credit unions can be redirected toward service to their 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."