Thursday, June 13, 2024

State Banking Board approves 60% reduction in 2024 assessments

The Oklahoma State Banking Board voted unanimously at its November meeting to reduce the assessments paid by Oklahoma state-chartered banks.

The 2024 assessment rate was discounted 60% for each bank with assets less than $1 billion and 15% for each bank with assets more than $1 billion.

During the meeting held Nov. 15, State Banking Commissioner Mick Thompson discussed increased federal regulatory burden on financial institutions over the past few years, and especially since the large bank failures in March 2023. He also provided details to the Banking Board regarding the agency’s 2024 budget and how the Department has sought to lower its own expenses so any savings could be passed on to the industries it regulates.

The Banking Department has recommended a discount to bank assessments EACH year for the past decade. Over that time, Oklahoma state-chartered banks have saved more than $20 million in assessments through discounts.