 State Banking Board Approves 60% Reduction in 2024 Assessments
In accordance with Governor Stitt’s fiscal responsibility initiatives for state agencies and to be a “Top Ten” state, the Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks. The 2024 assessment rate was discounted 60% for each bank with assets less than $1 billion and 15% for each bank with assets more than $1 billion.
During the meeting held November 15, State Banking Commissioner Mick Thompson discussed increased federal regulatory burden on financial institutions over the past few years and especially since the large bank failures in March 2023. He then provided details to the Banking Board regarding the agency’s 2024 budget and how the Department has sought to lower its own expenses so that any savings could be passed on to the industries it regulates.
The Banking Department has recommended a discount to bank assessments each year since 2012. Including this reduction approved by the Banking Board, Oklahoma state-chartered banks have saved over $28 million in assessment costs because of discounts recommended by the Commissioner and approved by the Banking Board.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Sandy Bracken, First Liberty Bank; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank.
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