FARMERS BRANCH, Texas (11/24/15)--Bank Commissioner Mick Thompson announced last week that the Oklahoma State Credit Union Board approved his recommendation of a 30% discount in the assessments collected from Oklahoma state-chartered credit unions with assets of $500 million or less, and a 15% discount for those with more than $500 million in assets, the Cornerstone Credit Union League reported.
This is the fourth year in a row that the board has approved reductions for state-chartered credit unions (Leaguer Nov. 2). Last year the overall reduction in both credit union and bank assessments caused the department to operate at a deficit and use excess reserve funds.
Thompson said the Legislature and Oklahoma Gov. Mary Fallin are insistent that agencies not create large reserve funds that are unnecessary for the agencies’ operations. “With this year’s reduction, the Banking Department should be able to maintain a reserve account that will provide a reasonable cushion for unplanned events, but will also fit within Gov. Fallin’s call to be fiscally responsible,” Thompson said.
Thompson also said that a reduction in assessments is one of the ways that the State Banking Department can reduce regulatory burden on state-chartered institutions. He recognized that the vast majority of regulatory matters are issued from the federal government and that the states cannot directly eliminate that burden. However, he stated, any savings achieved by a reduction in assessments can be redirected by the credit unions toward the increased costs necessary to comply with federal laws.