Oklahoma Administrative Code Title 180 - Oklahoma State Credit Union Board
Oklahoma Administrative Code – Title 180: Oklahoma State Credit Union Board
Title 180 of the Oklahoma Administrative Code outlines the rules, duties, and regulatory authority of the Oklahoma State Credit Union Board, a governing body responsible for supervising the operation, organization, and regulation of state-chartered credit unions in Oklahoma.
Purpose and Scope
The purpose of Title 180 is to:
Establish regulations and procedures for the formation, operation, and supervision of credit unions.
Ensure the financial safety, soundness, and compliance of credit unions with Oklahoma laws.
Protect the interests of members (depositors) and promote the stability of the credit union system.
Key Responsibilities of the Credit Union Board
Chartering New Credit Unions
Review and approve applications to form new credit unions in Oklahoma.
Evaluate proposed credit unions for viability, business plans, and membership criteria.
Supervision and Examination
Oversee the periodic financial and operational examinations of state-chartered credit unions.
Ensure compliance with rules regarding capital requirements, lending limits, reserves, and governance.
Approval of Mergers or Conversions
Approve or deny mergers between credit unions or the conversion of a credit union into another financial institution (like a bank or federal credit union).
Evaluate impacts on members and financial stability.
Regulation and Rulemaking
Adopt and amend administrative rules affecting the credit union industry.
Interpret and apply the Oklahoma Credit Union Act in administrative matters.
Enforcement Powers
Take corrective actions against credit unions violating regulations, such as issuing cease and desist orders or requiring management changes.
Approve the liquidation or closure of insolvent credit unions when necessary.
Hearing and Appeals
Conduct administrative hearings on disputes involving regulatory decisions or enforcement actions.
Provide due process for credit unions challenging decisions.
Areas of Regulation Under Title 180
Title 180 includes administrative rules covering:
Membership eligibility rules for credit unions (e.g., community-based, employer-based).
Guidelines for lending practices, including loan types, limits, and underwriting.
Rules for maintaining adequate net worth and reserves.
Standards for governance, board structure, and member rights.
Accounting and reporting requirements (quarterly and annual financials).
Interaction with Other Entities
The Oklahoma State Credit Union Board works in coordination with:
The Oklahoma Banking Department (which houses the Board).
Federal regulators, like the National Credit Union Administration (NCUA), for dual-regulated credit unions.
Legal advisors, auditors, and compliance officers from within the financial sector.
Meetings and Public Access
The Board holds regular public meetings to discuss regulatory issues, approve applications, and update rules.
Meeting minutes and regulatory changes are made publicly available for transparency.
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