 State Credit Union Board Approves 50% Reduction in 2024 Assessments
The Oklahoma State Credit Union Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered credit unions. In accordance with Governor Stitt’s fiscal responsibility initiatives for state agencies and to be a “Top Ten” state, the 2024 assessment rate was discounted 50%.
During the meeting held November 14, State Banking Commissioner Mick Thompson discussed the Banking Department’s effort to lower its own expenses and his interest in passing those savings on to the industries it regulates. He stated the reduction may be especially helpful to the smaller credit unions. The Banking Department has recommended discounts to assessment rates each year since 2012 and when combined with previous reductions, Oklahoma state-chartered credit unions have saved over $1.8 million.
Pictured above: members of the State Credit Union Board Luann Schmiedel, Oklahoma's Credit Union; Gina Wilson, Oklahoma Central Credit Union; Cindy White, Oklahoma Educators Credit Union; and Commissioner Mick Thompson. Not pictured: Steve Rasmussen, Lay Member
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