Oklahoma State Banking Board Approves Reduction in 2021 Assessments

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OK Banking Header

State Banking Board Approves

Reduction in 2021 Assessments

The Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks.  During the meeting held November 18, State Bank Commissioner Mick Thompson explained how the Banking Department’s current operations should result in more efficient examinations going forward.  He also described how the Banking Department is implementing the Governor’s initiatives of (1) more telework and (2) reduction of the state’s “footprint” to reduce its costs.  These cost savings were passed on to state-chartered banks through a discount of 20% for each bank with assets less than $1 billion and 10% for each bank with assets more than $1 billion. The Commissioner presented a proposed agency budget to the Board reflecting how the Department can continue its efficient operation with the discount to assessments.  

When combined with previous reductions, Oklahoma state-chartered banks have saved over $14 million in assessments through discounts approved by the State Banking Board.  The Banking Department has used the assessment discount as both an opportunity to reduce regulatory burden on state-chartered banks as well as an endorsement of Governor Stitt’s fiscal responsibility initiatives for state agencies.

Members of the State Banking Board are Sandy Bracken, First Liberty Bank; Dennis Brand, BancFirst; Wade Huckabay, All America Bank; Brad Krieger, Arvest Bank; Bob Newcomb, Bank of Western Oklahoma; Tom Thompson, Lay Member; and Commissioner Thompson.