OKLAHOMA CITY, Okla.—The Oklahoma State Credit Union Board has announced a 50% discount in assessments collected from all state chartered CUs of $100-milion or less in assets, and a 30% discount for those with more than $100 million in assets.
The reduction was announced by Bank Commissioner Mick Thompson and are part of his proposed budget, which he said can remain effective even with the reduction in assessment rates.
This is the third year in a row that the board approved reduced assessment rates for state-chartered credit unions. In 2012 and 2013, assessments were discounted by 15% and 10%, respectively.
“These discounts are intended to reflect increased efficiencies that the Department has achieved as well as a reduction in the regulatory burden on state-chartered credit unions,” said Thompson. “The savings experienced by credit unions can be redirected toward service to their members.”
The news of the discounted assessments was first reported by the Cornerstone CU League.