OKLAHOMA CITY — Oklahoma credit unions, as well as banks, are getting a 5.25% cut in assessments next year as the result of a change in funding procedure combined with increased asset growth.
The state's Banking Commissioner, Mick Thompson, recommended the change take effect on assessments due Feb. 5 and it follows 2004 legislation ordering the agency become self-funding last year in line with some 25 other regulated industries. Previously, funds collected in the banking department went directly to the state's General Fund, but under the new rules only a percentage, roughly 10%, go into the fund.
As expected the cuts won applause from the Oklahoma Credit Union League as well as the banking trades.
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The agency said the reduction reflects both "the growing assets of banks and credit unions" and the large number of conversions–30–of national banks switching to a state charter. Only one CU, Oil Capitol of Tulsa, converted and later was merged, said Dudley Gilbert, the department's legal counsel.
"We have also been operating more efficiently in recent years," said Gilbert. The decision to cut the assessments had been recommended by Thompson to the State Credit Union Banking Board, which acted favorably on the proposal.
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