Regulatory Alerts2024-12-17
Added · Updated
Oklahoma State Banking Board Announces Reduced 2025 Assessment Rates
The Oklahoma State Banking Board approved a 70% reduction in 2025 regulatory assessments for state-chartered banks with assets under $1 billion and a 25% reduction for larger institutions. This policy, aligned with Governor Stitt’s fiscal responsibility initiatives, will save banks over $5.2 million annually while requiring the department to draw from reserve funds to cover a projected budget deficit. Commissioner Thompson emphasized that the assessment cuts reduce regulatory burden and allow savings to offset compliance costs, ensuring the department maintains a reasonable financial cushion for unplanned events.
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