OKLAHOMA CITY - Oklahoma state chartered credit unions have begun to celebrate a victory now that the state legislature has leveled the playing field for state chartered CUs, said OCUL President Bob Bianchini. On Monday the State House of Representatives passed a measure on a 97-2 vote to allow those credit unions the same membership opportunities made available to federally chartered credit unions by H.R. 1151. The bill passed the Senate last month. "This was a critical bill for our state chartered credit unions," said Bianchini, adding that "state chartered credit unions had been operating at a distinct disadvantage and now they can get back to the business of offering the citizens of Oklahoma a choice of financial institutions." He noted that the bill was doubly important because it also allows state charters the ability to hold community charters - an option not before available. The bill, authored in the Senate by Sen. Angela Monson, chairman of the Senate Finance Committee, and in the House by Rep. Bob Weaver, chairman of the House Banking and Finance Committee, was sponsored by the Oklahoma State Banking Commissioner Mick Thompson and run as the "Commissioner's Bill". The bill now goes to Governor Frank Keating for his signature. -
ekingoff@cutimes.com
