 State Banking Board Approves 75% Reduction in 2026 Assessments
State Bank Commissioner Mick Thompson announced this week that the Oklahoma State Banking Board approved the largest reduction ever to assessments paid by Oklahoma state-chartered banks. The Commissioner suggested several alternatives for discounting assessments resulting in state-chartered banks saving over $7 million in regulatory costs next year.
For 2026, the standard assessment rate will be discounted by 75% for each bank with assets totaling less than $1 billion, by 40% for each bank with assets at least $1 billion but less than $2 billion, and by 30% for banks with $2 billion or more in assets. The Commissioner explained the sliding scale discount should result in a comparable overall reduction for all institutions because the standard rate for larger institutions is already significantly reduced as asset size grows larger.
The Commissioner stated that a reduction in assessments is one of the ways the State Banking Department can reduce regulatory burden on state-chartered institutions. He also recognized banks are spending more than ever on fraud prevention to protect depositors’ money – and this reduction in regulatory costs can result in more money available for those expenses.
With this year’s reduction, the Banking Department has reduced assessments to the industry more than $41 million over the last 15 years. The Commissioner presented the Board with a 2026 budget reflecting how the Banking Department can continue its efficient operation even with a significant reduction in assessments. The Commissioner stated: “As a self-funded agency, revenue should correspond to expenditures, and we have become much more efficient over the past few years so that we can reduce assessments without reducing services.”
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Commissioner Mick Thompson; Rick Harper, SpiritBank; Carol Fehrle, Quail Creek Bank; Jerold Phillips, Citizens Bank and Trust of Ardmore; and David Terry, Bank of Western Oklahoma. Not pictured: Wade Huckabay, All America Bank
Please Note:
The email address from which this communication was sent is not monitored for responses. You may send responses to regina.rainey@banking.ok.gov instead. Thank you.
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