Regulatory Alerts2024-11-21
Added · Updated
Oklahoma State Credit Union Board Approves 70% Reduction in 2025 Assessments
The Oklahoma State Banking Department’s State Credit Union Board approved a 70% reduction in 2025 regulatory assessments for state-chartered credit unions to advance Governor Stitt’s fiscal responsibility initiatives. This decision will create a projected budget deficit for the department, requiring the utilization of reserve funds to maintain operations while preserving a reasonable financial cushion. The assessment cut aims to reduce the regulatory burden on state-chartered institutions and help offset rising costs associated with federal compliance mandates.
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