Oklahoma Story Archive

Credit Union Board Approves 25% Reduction in 2022 Assessments

December 16, 2021The Oklahoma State Credit Union Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered credit unions. This action is in accordance with Governor Stitt’s fiscal responsibility initiatives for state agencies. This year, the standard assessment rate was discounted 25%.

During the meeting held November 16, State Banking Commissioner Mick Thompson explained how the Banking Department implemented several operational changes over the past 18 months that have resulted in savings to the agency. The Banking Department has recommended a discount to credit union assessments each year for the past decade. When combined with previous reductions, Oklahoma state-chartered credit unions have saved over $1.5 million. The Banking Department has used the assessment discount as an opportunity to reduce regulatory burden on state-chartered institutions.

Members of the State Credit Union Board are Johnny O’Hare, Cherokee Strip Credit Union; Luann Schmiedel, Oklahoma’s Credit Union; Cindy White, Oklahoma Educators Credit Union; Steve Rasumussen, Lay Member; and Commissioner Thompson.

Prize-Linked Savings Signed into Law in Oklahoma

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.


Cornerstone Foundation Launches Financial Capability Service Provider Initiative

March 5, 2021 – Cornerstone Foundation recently launched an initiative to attract Financial Capability Service Providers (FCSPs) to the Cornerstone tri-state region: Arkansas, Oklahoma, and Texas. Modeling after Cornerstone Resources’ vetting system, the Preferred Financial Capability Service Provider initiative will help streamline the selection process and enable credit unions to give back to Cornerstone Foundation through the partnership’s referral agreement.

Organizations that enter into such agreements with Cornerstone Foundation will be considered and promoted as a Cornerstone Foundation Preferred Financial Capability Service Provider.

Knowledge of Financial Education (KOFE), a product of Consolidated Credit, is Cornerstone Foundation’s first Preferred Financial Capability Service Provider. KOFE is an online financial wellness benefits platform designed to connect users with the tools they need to be financially successful. It uses a three-pronged approach to financial education: Self-Paced Financial Education, Classroom Learning, and One-on-One Coaching.


FAA credit union celebrates 50K
April 20, 2015 – Oklahoma City, Okla. –FAA Credit Union is inviting residents of south Oklahoma City and nearby communities to a celebration of the credit union reaching 50,000 members. The event, from 4 to 7 p.m. May 15 at the 10201 S Western branch, will include free food, sweet treats, a petting zoo, family-friendly games and a chance to win one of three $500 prizes.

Childs and Boesch Continue Service on NASCUS Credit Union Advisory Council
September 10, 2014 – Nashville, Tenn. – The NASCUS Credit Union Advisory Council held its 2014 Annual Meeting on Sept. 10 in Nashville, where two state credit union CEOs began new terms on NASCUS’ Credit Union Advisory Council. The credit union membership is governed by the Advisory Council, a group of 12 directors who are credit union executives from around the country.

FAA Credit Union Launches Employee Volunteer Program
July 7, 2014 – Edmond, Okla. – FAA Credit Union (FAA CU) prides itself on three words: Serve. Empower. Enrich. To truly demonstrate the organization’s dedication to the first word, Serve, FAA CU has implemented an employee volunteer program. FAA CU employees are passionate about serving our community and this latest program is helping them reach beyond the doors of the Credit Union.

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