Oklahoma SB1623 Credit Union Bill Passed
Oklahoma Legislative Events
Summary
Oklahoma SB1623 has passed both chambers of the state legislature, requiring credit unions to file certain records with the Bank Commissioner and establishing new investment allowances and compensation requirements. The bill received unanimous support in Senate (44-0) and House Banking Committee (8-0) votes. The bill now awaits further legislative action before becoming effective.
What changed
Oklahoma SB1623 establishes new record filing requirements for credit unions with the Bank Commissioner and permits certain investments. The bill also sets compensation standards for credit union operations. The legislation passed unanimously through the Senate Business and Insurance Committee and full Senate, then through the House Banking, Financial Services and Pensions Committee. Multiple amendments were adopted during the legislative process including committee substitute and floor amendments.\n\nCredit unions operating in Oklahoma will need to ensure compliance with new record-keeping mandates and investment authorities once the bill becomes effective. The Bank Commissioner will have oversight responsibilities for the required filings. Financial institutions should monitor legislative progress as the bill moves toward the Governor for signature.
What to do next
- Monitor for Governor signature and enactment
- Review credit union record-keeping procedures for Bank Commissioner compliance
- Assess investment and compensation requirements for operational impact
Archived snapshot
Apr 9, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
ChangeBridge / Oklahoma / SB1623 Passed SB1623 Senate Bill Passed 2026-03-30
Credit unions; requiring certain records to be filed with Bank Commissioner; allowing investments; providing requirements for credit unions; establishing compensations. Effective date.
Bill Details
State Oklahoma
Session 2026 Regular Session
Chamber Senate
Official Source www.oklegislature.gov/BillInfo.aspx?Bill=s...
LegiScan View on LegiScan
Sponsors
Julie Daniels (Sen - R) Mark Lepak (Rep - R)
Action History
2026-04-08 H Policy recommendation to the Government Oversight committee; Do Pass Banking, Financial Services and Pensions 2026-03-31 H Referred to Banking, Financial Services and Pensions 2026-03-31 H Second Reading referred to Government Oversight 2026-03-30 H First Reading 2026-03-30 S Engrossed to House 2026-03-26 S Referred for engrossment 2026-03-26 S Measure passed: Ayes: 44 Nays: 0 2026-03-26 S Title restored 2026-03-26 S General Order, Amended 2026-03-12 S Coauthored by Representative Lepak (principal House author) 2026-03-10 S Placed on General Order 2026-03-05 S Title stricken 2026-03-05 S Reported Do Pass, amended by committee substitute Business and Insurance committee; CR filed 2026-02-03 S Second Reading referred to Business and Insurance 2026-02-02 S Authored by Senator Daniels 2026-02-02 S First Reading
Votes
2026-03-05 Senate: Business & Insurance Committee: DO PASS AMENDED CS Yea: 11 Nay: 0 2026-03-26 Senate: THIRD READING Yea: 44 Nay: 0 2026-04-07 House: Banking, Financial Services and Pensions Committee: DO PASS Yea: 8 Nay: 0
Committee Referrals
2026-02-03 S Business and Insurance 2026-03-31 H Government Oversight 2026-03-31 H Banking, Financial Services and Pensions
Amendments
2026-03-04 Senate Committee Committee Amendment 2026-03-24 Senate Floor SB1623 (3-24-26) (DANIELS) FA1 2026-03-24 Senate Floor SB1623 (3-24-26) (DANIELS) RT FA2
Bill Text Versions
2026-01-13 Introduced 2026-03-05 Comm Sub 2026-03-09 Amended 2026-03-30 Engrossed Legislative data powered by LegiScan (CC BY 4.0)
Named provisions
Related changes
Get daily alerts for Oklahoma Legislative Events
Daily digest delivered to your inbox.
Free. Unsubscribe anytime.
About this page
Every important government, regulator, and court update from around the world. One place. Real-time. Free. Our mission
Source document text, dates, docket IDs, and authority are extracted directly from OK Leg..
The plain-English summary, classification, and "what to do next" steps are AI-generated from the original text. Cite the source document, not the AI analysis.
Classification
Who this affects
Taxonomy
Browse Categories
Get alerts for this source
We'll email you when Oklahoma Legislative Events publishes new changes.