- Oklahoma State Banking Department
Oklahoma State Banking Department Great Seal of Oklahoma Agency overview Formed 1967 Headquarters 2900 N Lincoln Boulevard
Oklahoma City, Oklahoma
Employees 43 unclassified Annual budget $6.2 million Ministers responsible Scott Meacham, Secretary of Finance and Revenue
Mick Thompson, Chair of Banking Board
Agency executive Mick Thompson, State Banking Commissioner Website www.osbd.state.ok.us
The Oklahoma State Banking Department (OSBD) is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered banks, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order companies. The department also handles consumer complaints involving state-regulated financial institutions.
The Banking Department is led by a State Banking Commissioner who is appointed by the Governor of Oklahoma with the consent of the Oklahoma Senate to serve a four-year term. Assisting the commissioner is the State Banking Board, which consists of six member appointed by the governor and the commissioner as chair.
The current State Banking Commissioner is Mick Thompson, a former Oklahoma State Representative who has severed in that position since September 1, 1992, when he was appointed by Governor David Walters. He has since been reappointed by Governors Frank Keating and Brad Henry in 1996, 2000, 2004 and 2008.
The Department was created in 1967 during the term of Governor Dewey F. Bartlett.
The department is under the supervision of the State Banking Board and its chairman, who is the State Banking Commissioner. The commissioner is appointed by the Governor of Oklahoma to serve a four year term. The commissioner is assisted in managing the department by a deputy commissioner and two assistant commissioners.
- State Banking Board
- Banking Commissioner
- Deputy Banking Commissioner
- Administration Division - responsible for managing the human resources and material resources of the Department
- Banking Examination Division - responsible for inspecting all state-charted banks
- Western Region
- Eastern Region
- Credit Union Examination Division - responsible for inspecting all state-charted credit unions
- Legal Affairs Division - responsible for providing legal advise to the Department
- Finance Division - responsible for overseeing all finance and budgetary issues of the Department
- Information Technology Division - responsible for overseeing all information technology needs of the Department
- Deputy Banking Commissioner
- Credit Union Board
- Banking Commissioner
State Banking Board
The State Banking Board is the official regulatory body of all financial institutions in the State. The Board is composed of seven members: six appointed members and the State Banking Commissioner. The State Banking Commissioner serves as Chairman of the Board, but may only vote in case of a tie.
Of the six appointed members, five members must be active offices of a financial institution and a sixth member must be a citizen of Oklahoma, at least 35 years old, who has no experience as a bank officer or stockhold of in bank. All members of the Board are appointed by the Governor, by and with the advice and consent of the Oklahoma Senate, to serve a six year term. However, the Governor may only nominate individuals to fill the banking represent seats who have been nominated by the Oklahoma Bankers Association (OBA). Should the OBA fail to nominate a list of candidates within 30 days of a vacancy, the Governor is free to select anyone who meets the qualifications of office. The Governor is always free to nominate anyone to the non-bankers seat.
It is the duty of the State Banking Board to adopt reasonable and uniform rules and regulations to govern the conduct, operation and management of all financial institutions operating in the State. It is the duty of the State Banking Commissioner to enforce the rules adopted by the Board.
The Banking Department is not funded by yearly appropriations from the Oklahoma Legislature. Instead, it is funded entirely from fees generated from the financial institutions regulated by the Department.
The State Banking Department, with an annual budget of over $6 million, is one of the smallest employers for the State. For fiscal year 2010, the Department was authorized 43 full time employees.
Division Number of Employees Administration Services 10 Examination Services 33 Total 43
- Oklahoma Office of State Finance
- Oklahoma Department of Consumer Credit
- Oklahoma Department of Securities
- Oklahoma Tax Commission
State finance agencies of OklahomaGovernor of Oklahoma
State Treasurer • State Auditor and Inspector • Insurance Commissioner
Secretary of Finance and Revenue
Board of Equalization • Capitol Improvement Authority • Commissioners of the Land Office • Department of Consumer Credit • Department of Insurance • Department of Securities • Office of State Finance • Pension Commission • Tax Commission • State Banking Department • State Bond Advisor
Public Pension Funds
Firefighters Pension and Retirement System • Law Enforcement Retirement System • Public Employees Retirement System • Police Pension and Retirement System • Teachers' Retirement System
Bank regulation in the United States Fair debt collection Federal authorities Major federal legislation
(Category)Credit CARD Act of 2009 • Emergency Economic Stabilization Act of 2008 • Fair and Accurate Credit Transactions Act • Gramm–Leach–Bliley Act • Truth in Savings Act • Electronic Fund Transfer Act • Community Reinvestment Act • Home Mortgage Disclosure Act • Fair Credit Reporting Act • Truth in Lending Act • Bank Secrecy Act • Bank Holding Company Act • Federal Credit Union Act • Glass–Steagall Act • Federal Reserve Act
Federal Reserve Board
regulationsExtensions of Credit by Federal Reserve Banks (Reg A)
Equal Credit Opportunity (Reg B)
Home Mortgage Disclosure (Reg C)
Reserve Requirements for Depository Institutions (Reg D)
Electronic Fund Transfer (Reg E)
Limitations on Interbank Liabilities (Reg F)
International Banking Operations (Reg K)
Consumer Leasing (Reg M)
Loans to Insiders (Reg O)
Privacy of Consumer Financial Information (Reg P)
Prohibition Against the Paying of Interest on Demand Deposits (Reg Q)
Credit by Brokers and Dealers (Reg T)
Credit by Banks and Persons Other Than Brokers or Dealers for the Purpose of Purchasing or Carrying Margin Stock (Reg U)
Transactions Between Member Banks and Their Affiliates (Reg W)
Borrowers of Securities Credit (Reg X)
Truth in Lending (Reg Z)
Unfair or Deceptive Acts or Practices (Reg AA)
Community Reinvestment (Reg BB)
Availability of Funds and Collection of Checks (Reg CC)
Truth in Savings (Reg DD)
Types of bank charter State authorities Terms Other topics
- State Banking Board
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