REGULATING AGENCY: Oklahoma State Banking Department; Oklahoma State Credit Union Board
- Mick Thompson, Commissioner
- Dudley Gilbert, Deputy Commissioner
- Website: oklahoma.gov/banking.html
LEAGUE: Cornerstone League
PRIVATE SHARE INSURANCE: No
STATS: (As of June 2021)
Total Number of Credit Unions: 59
- TOTAL # SCUs: 13
- TOTAL # FCUs: 46
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 22%
Total Assets: $19,436,256,391
- TOTAL $ SCU ASSETS: $3,252,838,831
- TOTAL $ FCU ASSETS: $16,183,417,560
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 17%
Total Members: 1,366,753
- TOTAL Members SCUs: 224,096
- TOTAL Members FCUs: 1,142,657
- SCU % OF TOTAL (SCUS/STATE TOAL): 16%
FUN FACT: It appears to serve up the only official state meal: a heaping plateful of fried okra, squash, cornbread, barbecue pork, biscuits, sausage and gravy, grits, corn, strawberries, chicken-fried steak, pecan pie, and black-eyed peas.
May 7, 2021 – Thanks in part to efforts by Cornerstone League’s Oklahoma advocacy division, Oklahoma Credit Union Association, Oklahoma credit unions enjoyed a big win last week after Gov. Kevin Stitt signed Prized-Linked Savings into law. Starting on Nov. 1, credit unions will be able to conduct savings promotions to incentivize savings. Prize-linked savings programs motivate people to save money by offering them prizes that are linked to their savings accounts.
The American Savings Promotion Act—signed into law in 2014—removed federal regulations that kept financial institutions from offering prize-linked savings accounts, in which people are entered into a lottery for cash prizes based on how much money they place in a savings account, certificate of deposit, or savings bond. The removal of these regulations enabled credit unions and other community-focused financial institutions to offer innovative products that could help promote financial literacy.
Click here to take a look at the stories that have been collected over the years in Oklahoma.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!