Bill > SB1623

Introduced Session

An Act relating to credit unions; amending 6 O.S. 2021, Sections 2001, 2001.1, 2002, 2004.1, and 2006, which relate to definitions, Oklahoma State Credit Union Board creation, necessity of certificate, out of state credit union, and succession and powers; defining terms; updating statutory language; requiring certain powers to ensure a competitive charter; requiring applicants to obtain and deposit certain insurance; allowing the Oklahoma State Credit Union Board to prohibit certain organization from providing certain insurance; allowing certain organization to obtain judicial review; updating statutory references; requiring Board to determine certain credit union has obtained certain insurance; allowing certain credit union to make loans to its members with certain flexibility; providing credit unions certain power to receive nonmember deposits if designated as certain credit union; increasing certain limit of certain investments; allowing certain credit unions to invest certain shares, stocks, or member units of certain companies under a certain percentage of net worth of certain credit union; requiring certain credit union remain well capitalized in certain instances; requiring certain credit union to operate in a certain manner in certain instances; requiring certain credit union to receive a certain rating in certain instances; allowing certain credit union to obtain certain designation; allowing certain credit union to engage in certain custody services; providing certain requirements for certain credit unions to engage in certain custody services; allowing certain credit union to provide certain custody services in fiduciary and nonfiduciary capacities; providing certain requirements for certain credit union to provide services in certain capacities; providing credit union certain authority to manage certain virtual currency; requiring credit union to obtain certain authorization from the Banking Department to provide certain custody services; providing certain requirements for the Department to provide certain authorities; allowing the Department to impose certain conditions on certain authority granted; amending 6 O.S. 2021, Sections 2007 and 2010, which relate to membership and board of directors; prohibiting the Oklahoma State Credit Union Board from considering certain overlap when determining certain approval; requiring the Board to permit certain credit union to add certain category of associations; allowing the Board to permit certain preapproved categories of associations; requiring certain records to be filed with the Bank Commissioner within a certain time frame; allowing certain board of directors and members to receive certain compensation; requiring certain compensations to be disclosed annually in certain report; allowing certain credit union to apply for certain authorities; allowing the Board to authorize certain credit union to engage in certain authorities; requiring the Board to consider abilities of certain credit unions; providing for codification; and providing an effective date.

AI Summary

Committee Categories

Julie Daniels (R)*, 

Second Reading referred to Business and Insurance (on 02/03/2026)

Official Document