Oklahoma Banking Department Reduces 2025 Assessment Rates for State-Chartered Banks
Summary
The Oklahoma State Banking Board has approved significant reductions in assessment rates for state-chartered banks for 2025. Banks with assets under $1 billion will see a 70% cut, while those over $1 billion will receive a 25% reduction, totaling over $5.2 million in savings.
What changed
The Oklahoma State Banking Board, following a recommendation from the Banking Commissioner, has approved substantial reductions in assessment rates for state-chartered banks for the 2025 fiscal year. Banks with assets less than $1 billion will experience a 70% reduction, and those with assets exceeding $1 billion will receive a 25% reduction. This action, part of Governor Stitt's fiscal responsibility initiatives, aims to reduce the regulatory burden on state institutions and amounts to over $5.2 million in savings for the banks, with the department planning to utilize reserve funds to cover operational costs.
While this reduction is presented as a way to offset increased compliance costs from federal regulations, it will result in the department operating with a budget deficit for 2025, necessitating the use of reserve funds. Regulated entities, specifically Oklahoma state-chartered banks, will benefit from lower assessment fees. The department will maintain a reasonable reserve cushion while adhering to fiscal responsibility principles. No specific compliance actions are required from the banks beyond the automatic application of the reduced rates.
Source document (simplified)
Oklahoma State Banking Board Announces Reduced 2025 Assessment Rates
Oklahoma Banking Department sent this bulletin at 11/21/2024 09:19 AM CST
| | ### Volume 16 November 21, 2024
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State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. \| # CONTACT US
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Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
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Bank Board Meeting:
January 15, 2025
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Credit Union Board Meeting:
February 18, 2025 \| \| \| \|
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State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. | # CONTACT US
\| \|
Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
\| \|
Bank Board Meeting:
January 15, 2025
\| \|
Credit Union Board Meeting:
February 18, 2025 | | | |
|
State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. | # CONTACT US
\| \|
Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
\| \|
Bank Board Meeting:
January 15, 2025
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Credit Union Board Meeting:
February 18, 2025 | | | | |
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| | | | | | | | ### Volume 16 November 21, 2024
| |
| | | | | |
State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. | # CONTACT US
\| \|
Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
\| \|
Bank Board Meeting:
January 15, 2025
\| \|
Credit Union Board Meeting:
February 18, 2025 | | | |
| | | | | |
| | | | | |
| | | | | | |
State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. | # CONTACT US
| |
Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
| |
Bank Board Meeting:
January 15, 2025
| |
Credit Union Board Meeting:
February 18, 2025 | | | | | | | |
| ### Volume 16 November 21, 2024
| |
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| |
State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. | # CONTACT US
\| \|
Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
\| \|
Bank Board Meeting:
January 15, 2025
\| \|
Credit Union Board Meeting:
February 18, 2025 | | | |
| | | | | |
| | | | | |
| | | | | | |
State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. | # CONTACT US
| |
Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
| |
Bank Board Meeting:
January 15, 2025
| |
Credit Union Board Meeting:
February 18, 2025 | | | | | | | | | |
|
State Banking Board Approves 70% Reduction in 2025 Assessments
To further Governor Stitt’s fiscal responsibility initiatives for state agencies, the Oklahoma State Banking Board approved the Banking Commissioner’s recommendation to reduce assessments paid by Oklahoma state-chartered banks during its meeting on November 20. After setting assessments at the rate first established in 2004, the Board then approved a discount of 70% for banks with assets less than $1 billion and 25% for banks with assets exceeding $1 billion. The Commissioner presented a proposed budget to the Board that reflected how the Department can continue efficient operation even with such a large discount.
The Board has approved a reduction in assessments for state-chartered banks since 2012. Based on estimates, this year’s reduction will result in the Department operating with a budget deficit for 2025 and require it to use a portion of its reserve funds to make up the difference. Commissioner Thompson emphasized that the Department should not hold excessive reserve funds, and said the Board’s action will allow the Department to maintain a reserve account that provides a reasonable cushion for unplanned events, but will also fit within the Governor’s call to be fiscally responsible.
Commissioner Thompson stated that a reduction in assessments is one of the ways the Banking Department can reduce regulatory burden on state-chartered institutions. He recognized most regulatory matters are issued from the federal government and that states cannot directly eliminate that burden. However, he stated that any savings achieved by a reduction in assessments can be redirected toward other operations and help offset increased costs incurred to comply with federal laws.
This year’s reduction amounts to over $5.2 million, and the total reduction in assessments for Oklahoma banks over the past several years is more than $30 million.
Pictured above: members of the State Banking Board Tom Thompson, Lay Member; Rick Harper, SpiritBank; David Terry, Bank of Western Oklahoma; Wade Huckabay, All America Bank; Commissioner Mick Thompson; and Brad Krieger, Arvest Bank. Not pictured: Carol Fehrle, Quail Creek 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. | # CONTACT US
| |
Oklahoma State Banking Department
2900 North Lincoln Blvd Oklahoma City, OK 73105 Phone (405) 521-2782
| |
Bank Board Meeting:
January 15, 2025
| |
Credit Union Board Meeting:
February 18, 2025 | | | | | | | | | | |
| | | | | | | | | | | | |
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Oklahoma State Banking Department
2900 N. Lincoln Blvd.
Oklahoma City, OK 73105
Main Office: 405-521-2782
Fax: 405-522-2993
banking.ok.gov
Please note that the email address from which this communication was sent (OKBankingDept@public.govdelivery.com) is not monitored for responses.
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