Old	New	Differences
1	1
2	2
3	3
4	4	Req. No. 9364 Page 1 1
5	5	2
6	6	3
7	7	4
8	8	5
9	9	6
10	10	7
11	11	8
12	12	9
13	13	10
14	14	11
15	15	12
16	16	13
17	17	14
18	18	15
19	19	16
20	20	17
21	21	18
22	22	19
23	23	20
24	24	21
25	25	22
26	26	23
27	27	24
28	28	1
29	29	2
30	30	3
31	31	4
32	32	5
33	33	6
34	34	7
35	35	8
36	36	9
37	37	10
38	38	11
39	39	12
40	40	13
41	41	14
42	42	15
43	43	16
44	44	17
45	45	18
46	46	19
47	47	20
48	48	21
49	49	22
50	50	23
51	51	24
52	52
53	53	STATE OF OKLAHOMA
54	54
55	55	2nd Session of the 59th Legislature (2024)
56	56
57	57	HOUSE BILL 4049 By: May
58	58
59	59
60	60
61	61
62	62
63	63	AS INTRODUCED
64	64
65	65	An Act relating to banks and trust companies;
66	66	amending 6 O.S. 2021, Section 2001.2 , which relates
67	67	to the powers of the State Credit Union B oard;
68	68	providing the State Credit Un ion Board with the power
69	69	to designate an Oklahoma state-chartered credit union
70	70	as a low-income credit union; amending 6 O.S. 2021,
71	71	Section 2023, which relates to the exercising powers
72	72	of a state-charted credit union; providing state-
73	73	chartered credit unions the opt ion to request a low-
74	74	income designation; and providing an effective date .
75	75
76	76
77	77
78	78
79	79	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
80	80	SECTION 1. AMENDATORY 6 O.S. 2021, Section 2001.2 , is
81	81	amended to read as follows:
82	82	Section 2001.2 A. In addition to any other powers conferred by
83	83	law, the State Credit Union Board shall have the power to:
84	84	1. Regulate its own procedures and practice, except as may be
85	85	hereafter provided by law;
86	86	2. Define any term not defined in Oklahoma Laws re lating to
87	87	credit unions;
88	88	3. Adopt and promulgate reasonable and uniform rules and
89	89	regulations to:
90	90
91	91
92	92	Req. No. 9364 Page 2 1
93	93	2
94	94	3
95	95	4
96	96	5
97	97	6
98	98	7
99	99	8
100	100	9
101	101	10
102	102	11
103	103	12
104	104	13
105	105	14
106	106	15
107	107	16
108	108	17
109	109	18
110	110	19
111	111	20
112	112	21
113	113	22
114	114	23
115	115	24
116	116	1
117	117	2
118	118	3
119	119	4
120	120	5
121	121	6
122	122	7
123	123	8
124	124	9
125	125	10
126	126	11
127	127	12
128	128	13
129	129	14
130	130	15
131	131	16
132	132	17
133	133	18
134	134	19
135	135	20
136	136	21
137	137	22
138	138	23
139	139	24
140	140
141	141	a. govern the conduct, operatio n and management of credit
142	142	unions,
143	143	b. govern the examination, evaluation of assets a nd the
144	144	statements and reports of credit un ions, and the form
145	145	on which credit unions shall report their assets,
146	146	liabilities and reserves, charge off their bad debts
147	147	and otherwise keep their records and accounts, and
148	148	c. govern the administration of the laws of this state
149	149	relating to credit unions.
150	150	Such rules or regulations shall serve to foster and maintain an
151	151	effective level of credit union services and the security of member
152	152	accounts. The provisions of the Administrative Procedures Act of
153	153	this state, as now or hereafter amended, are hereby express ly
154	154	adopted and incorporated herein as though a part of this provision,
155	155	and shall apply to all rules or regulations, procedures and orders
156	156	of the Board. Final orders of the Board may be appealed to the
157	157	Supreme Court of Oklahoma by any party directly affect ed and showing
158	158	aggrievement by the order;
159	159	4. Restrict the withdrawal of share or deposit accounts or both
160	160	from any credit union a fter having determined that circumstances
161	161	make such restriction necessary for the pr oper protection of
162	162	shareholders or deposit ors;
163	163	5. Issue cease and desist orders after having determined from
164	164	competent and substantial evidence that a credit union is enga ged or
165	165
166	166
167	167	Req. No. 9364 Page 3 1
168	168	2
169	169	3
170	170	4
171	171	5
172	172	6
173	173	7
174	174	8
175	175	9
176	176	10
177	177	11
178	178	12
179	179	13
180	180	14
181	181	15
182	182	16
183	183	17
184	184	18
185	185	19
186	186	20
187	187	21
188	188	22
189	189	23
190	190	24
191	191	1
192	192	2
193	193	3
194	194	4
195	195	5
196	196	6
197	197	7
198	198	8
199	199	9
200	200	10
201	201	11
202	202	12
203	203	13
204	204	14
205	205	15
206	206	16
207	207	17
208	208	18
209	209	19
210	210	20
211	211	21
212	212	22
213	213	23
214	214	24
215	215
216	216	has engaged, or when the Board has reasonable cause to believe the
217	217	credit union is about to engage, in an unsafe or uns ound practice,
218	218	or is violating or has violated or the Board has reasonable cause to
219	219	believe is about to violate, a material provis ion of any law, rule,
220	220	regulation or any condition imposed in writing by the Board or any
221	221	written agreement made with the Board ;
222	222	6. Suspend from office and prohibit from further participation
223	223	in any manner in the conduct of the affairs of a credit union an y
224	224	director, officer or committee member who has committed any
225	225	violation of a law, ru le or regulation or of a cease and desist
226	226	order or who has engaged or participated in any unsafe or unsound
227	227	practice in connection with the credit union or who has committe d or
228	228	engaged in any act, omission or practice which constitutes a breach
229	229	of that person's fiduciary duty as such director, off icer or
230	230	committee member, when the Board has determined that such action or
231	231	actions have resulted or will result in substantial fi nancial loss
232	232	or other damage that seriously prejudices the interests of the
233	233	members;
234	234	7. Affirm, modify, reverse, and stay the enforcement of any
235	235	order or ruling of the State Banking Commissioner or Administrator
236	236	appointed pursuant to the provisions of sub section B of this section
237	237	relating to credit unions, their directors, officers, comm ittee
238	238	members or employees;
239	239
240	240
241	241	Req. No. 9364 Page 4 1
242	242	2
243	243	3
244	244	4
245	245	5
246	246	6
247	247	7
248	248	8
249	249	9
250	250	10
251	251	11
252	252	12
253	253	13
254	254	14
255	255	15
256	256	16
257	257	17
258	258	18
259	259	19
260	260	20
261	261	21
262	262	22
263	263	23
264	264	24
265	265	1
266	266	2
267	267	3
268	268	4
269	269	5
270	270	6
271	271	7
272	272	8
273	273	9
274	274	10
275	275	11
276	276	12
277	277	13
278	278	14
279	279	15
280	280	16
281	281	17
282	282	18
283	283	19
284	284	20
285	285	21
286	286	22
287	287	23
288	288	24
289	289
290	290	8. Subpoena witnesses, compel their attendance, require the
291	291	production of evidence, administer oaths and examine any person
292	292	under oath in connection with any subject relating to a duty imposed
293	293	upon or a power vested in the Boar d;
294	294	9. Charge application fees for process ing submissions by a
295	295	credit union to the Board, Commissioner or Administrator. The Board
296	296	may charge a fee for the items enumerate d herein; provided, the
297	297	Board's fee schedule shall not be limited solely to the foll owing
298	298	submissions:
299	299	a. an application for a merger or acquisition,
300	300	b. an application to amend a credit union 's bylaws,
301	301	c. an application to be heard by the Board to add a
302	302	special employee group, or
303	303	d. an application to add a special employee group by
304	304	using any simplified expansion process.
305	305	The Board may adopt and promulgate, from time to time, a fee
306	306	schedule for the processing of submissions by credit unions. Any
307	307	payments received pursuant to the provisions of this paragraph shall
308	308	be deposited to the revolv ing fund for the State Banking Department
309	309	created in Section 211.1 of this title;
310	310	10. Charge and collect assessments from each credit union under
311	311	its supervision on each O ne Thousand Dollars ($1,000.00) of assets,
312	312	or major fraction thereof, at rates estab lished by the Board. The
313	313	assessments shall be paid annually to the State Banking Department
314	314
315	315
316	316	Req. No. 9364 Page 5 1
317	317	2
318	318	3
319	319	4
320	320	5
321	321	6
322	322	7
323	323	8
324	324	9
325	325	10
326	326	11
327	327	12
328	328	13
329	329	14
330	330	15
331	331	16
332	332	17
333	333	18
334	334	19
335	335	20
336	336	21
337	337	22
338	338	23
339	339	24
340	340	1
341	341	2
342	342	3
343	343	4
344	344	5
345	345	6
346	346	7
347	347	8
348	348	9
349	349	10
350	350	11
351	351	12
352	352	13
353	353	14
354	354	15
355	355	16
356	356	17
357	357	18
358	358	19
359	359	20
360	360	21
361	361	22
362	362	23
363	363	24
364	364
365	365	no later than the fifth day of February in each year. All
366	366	assessments and all fees shall be deposited in the revolving fund
367	367	for the State Banking Department pursu ant to the provisions of
368	368	Section 211.1 of this title. Effective January 1, 2007, and each
369	369	year thereafter, ten percent (10%) of all assessments collected
370	370	pursuant to this paragraph shall be deposited to the General Revenue
371	371	Fund of the State Treasury. The State Credit Union Board may charge
372	372	and collect assessments on an annual basis and may, in addition to
373	373	any annual assessment, charge and collect a special assessment from
374	374	each credit union, at rates established by the Board; and
375	375	11. Charge and collect fr om each credit union under its
376	376	supervision an annual fee of One Thousand Dollars ($1,000.00) which
377	377	shall be deposited in the Oklahoma State Banking Department
378	378	revolving fund created pursuant to Section 211.1 of this title ; and
379	379	12. Designate a federally in sured, Oklahoma state -chartered
380	380	credit union as a low-income credit union.
381	381	B. The Commissioner may appoint an Administrator who, in
382	382	addition to such duties and authority a s are conferred by Section
383	383	2001 et seq. of this title, shall have such duties and au thority as
384	384	the Commissioner may assign the Administrator. The bond of the
385	385	Administrator shall be the same as that set for the State Deputy
386	386	Banking Commissioner. In additi on to other powers conferred by
387	387	Section 2001 et seq. of this title, the Commissioner shall have the
388	388	power to:
389	389
390	390
391	391	Req. No. 9364 Page 6 1
392	392	2
393	393	3
394	394	4
395	395	5
396	396	6
397	397	7
398	398	8
399	399	9
400	400	10
401	401	11
402	402	12
403	403	13
404	404	14
405	405	15
406	406	16
407	407	17
408	408	18
409	409	19
410	410	20
411	411	21
412	412	22
413	413	23
414	414	24
415	415	1
416	416	2
417	417	3
418	418	4
419	419	5
420	420	6
421	421	7
422	422	8
423	423	9
424	424	10
425	425	11
426	426	12
427	427	13
428	428	14
429	429	15
430	430	16
431	431	17
432	432	18
433	433	19
434	434	20
435	435	21
436	436	22
437	437	23
438	438	24
439	439
440	440	1. Delegate the duties of the Office of the State Banking
441	441	Commissioner under Section 2001 et seq. of this title to the
442	442	Administrator;
443	443	2. Exercise general supervision of credit unions organized
444	444	under the laws of this state;
445	445	3. Require credit unions to ceas e and desist from engaging in
446	446	any act or transaction, or doing any act in furtherance thereof,
447	447	which would constitute a violation of the provisi ons of Section 2001
448	448	et seq. of this title, or a lawful regulation issued thereunder, or
449	449	to cease and desist in e ngaging in any unsafe or unsound credit
450	450	union practice;
451	451	4. Suspend any officer, director or employee or committee
452	452	member who is found, after he aring, to be dishonest, reckless, unfit
453	453	to participate in the conduct of the affairs of the credit union, or
454	454	to have engaged or participated in any unsafe or unsound practice in
455	455	connection with the credit union, or to be practicing a continuing
456	456	disregard or violation of laws, rules, regulations or orders which
457	457	are likely to cause substant ial loss to the credit union or likely
458	458	to seriously weaken the condition of the credit union. However, any
459	459	individual so suspended may within ten (10) days file a notice o f
460	460	protest for the suspension with the Administrator and as soon as
461	461	possible thereafter, but in no event more tha n thirty (30) days, the
462	462	Board will review the order of the Commissioner and make such
463	463	findings as it deems proper, and pending that, the officer ,
464	464
465	465
466	466	Req. No. 9364 Page 7 1
467	467	2
468	468	3
469	469	4
470	470	5
471	471	6
472	472	7
473	473	8
474	474	9
475	475	10
476	476	11
477	477	12
478	478	13
479	479	14
480	480	15
481	481	16
482	482	17
483	483	18
484	484	19
485	485	20
486	486	21
487	487	22
488	488	23
489	489	24
490	490	1
491	491	2
492	492	3
493	493	4
494	494	5
495	495	6
496	496	7
497	497	8
498	498	9
499	499	10
500	500	11
501	501	12
502	502	13
503	503	14
504	504	15
505	505	16
506	506	17
507	507	18
508	508	19
509	509	20
510	510	21
511	511	22
512	512	23
513	513	24
514	514
515	515	employee, director or committee member shall not perform any of the
516	516	duties of such office; and
517	517	5. Charge a fee not to exceed Fifty Dollars ($50.00) per hour
518	518	and actual expenses for each examiner for actual time consumed by
519	519	the State Banking Department i n making special examinations of a
520	520	credit union. A "special examination" shall be any examination
521	521	conducted in connection with a charter conversion, or a limited
522	522	scope examination conducted at a frequency more often than once each
523	523	eighteen (18) months, wh en deemed necessary by the Administrator and
524	524	the Commissioner. Payments received pu rsuant to this paragraph
525	525	shall be deposited in the revolving fund for the State Banking
526	526	Department pursuant to Section 211.1 of this title.
527	527	C. Upon failure of a credit uni on to comply with the
528	528	Commissioner's order or requirements, the Commissioner shall r eport
529	529	such failure to the Bo ard for action with respect to suspension of
530	530	such credit union's certificate of authority to transact business.
531	531	SECTION 2. AMENDATORY 6 O.S. 2021, Section 2023, is
532	532	amended to read as follows:
533	533	Section 2023. A credit union chartered under the l aws of the
534	534	State of Oklahoma, the member accounts of which are insured under
535	535	Title II of the Federal Credit Union Act, may exercise any of the
536	536	powers of a federally chartered credit union do ing business in this
537	537	state, until otherwise provided by the Legisl ature; and provided
538	538	that the State Credit Union Board may by rule prohibit the exercise
539	539
540	540
541	541	Req. No. 9364 Page 8 1
542	542	2
543	543	3
544	544	4
545	545	5
546	546	6
547	547	7
548	548	8
549	549	9
550	550	10
551	551	11
552	552	12
553	553	13
554	554	14
555	555	15
556	556	16
557	557	17
558	558	18
559	559	19
560	560	20
561	561	21
562	562	22
563	563	23
564	564	24
565	565	1
566	566	2
567	567	3
568	568	4
569	569	5
570	570	6
571	571	7
572	572	8
573	573	9
574	574	10
575	575	11
576	576	12
577	577	13
578	578	14
579	579	15
580	580	16
581	581	17
582	582	18
583	583	19
584	584	20
585	585	21
586	586	22
587	587	23
588	588	24
589	589
590	590	of any such power if the Board finds that the exercise thereof will
591	591	not serve the public convenience a nd advantage and will not equalize
592	592	and maintain the quality of com petition between state and federal
593	593	credit unions. A credit union may request a low -income designation
594	594	determination from the Oklahoma State Credit Union Board, and a fter
595	595	the National Credit Union Administration confirms the designation,
596	596	subject to the guidelines in 12 C.F.R., Section 701.34, such credit
597	597	union may engage in any activity in which it could engage, exercise
598	598	any power it could exercise, or make a ny loan or investment it could
599	599	make, if it were operat ing as a federal credit union with a low-
600	600	income designation.
601	601	SECTION 3. This act shall become effective November 1, 2024.
602	602
603	603	59-2-9364 AO 01/02/24

Oklahoma 2024 Regular Session

Oklahoma House Bill HB4049 Compare Versions