SB 1623: Credit unions; requiring certain records to be filed with Bank Commissioner; allowing investments; providing requirements for credit unions; establishing compensations. Effective date. - Oklahoma

Floor (House) → Floor (Senate) · 4 edits

MODERATE

The bill was amended to transition from a House version to a Senate version, incorporating specific committee changes. The most significant policy updates include redefining the composition and appointment terms of the Oklahoma State Credit Union Board, granting credit unions expanded powers to make loans with greater flexibility to compete with federal institutions, and clarifying definitions regarding capital and underserved areas.

Scope change

The bill's scope expanded to explicitly allow state-chartered credit unions to make loans with maturities up to 15 years and to participate in lending lines with other financial organizations, matching the flexibility of federally chartered credit unions.

REQUIREMENT

The appointment terms for the Oklahoma State Credit Union Board members were changed from a uniform four-year term to staggered terms of four, three, two, and one year to ensure continuity.

New powers were granted to the Board to ensure a competitive state credit union charter, including specific authority over real estate purchases and loan flexibility.

ELIGIBILITY

Credit unions are now explicitly authorized to make loans to members with at least as much flexibility as federally chartered credit unions, including extending credit lines to other credit unions and organizations.

DEFINITION

The definition of 'Paid-in and unimpaired capital and surplus' was refined to clarify how reserves are treated, and a new definition for 'Underserved areas' was added referencing federal law.

Committee Substitute → SB1623 (3-24-26) (DANIELS) FA1.PDF · 4 edits

MODERATE

The document provided is a legislative amendment record rather than the final bill text itself. It details changes made to Senate Bill 1623 to make the language less mandatory, allowing the State Credit Union Board more discretion in approving charters and investments. The amendments replace 'shall' with 'may' in several sections and correct a grammatical error regarding singular/plural usage.

Scope change

The scope of the bill's requirements was reduced by shifting from mandatory actions to discretionary ones for the State Credit Union Board.

REQUIREMENT

Changed the Board's obligation to ensure a competitive charter from a mandatory requirement ('shall') to a discretionary one ('may').

Changed the Board's obligation to permit certain credit unions to add association categories from mandatory ('shall') to discretionary ('may').

TECHNICAL

Corrected a grammatical inconsistency by changing 'associations' to 'association' in the context of investment categories.

DEFINITION

Added a specific definition for 'underserved areas' to include persons with income at or below 150% of federal poverty guidelines.

Enrolled (final version) → Committee Substitute · 1 edit

MINOR

The bill text was reformatted from a standard enrolled version to a committee substitute, which includes specific page numbers and line references used for legislative tracking. The substantive policy language regarding credit union definitions, board composition, and lending powers remains identical to the original version.

Scope change

No change in the scope or applicability of the bill; the changes are purely formatting and structural.

TECHNICAL

The document structure was updated to include committee substitute headers, page numbers, and line references for legislative tracking purposes.

Engrossed → Enrolled (final version) · 3 edits · Apr 29, 2026

MINOR

The bill was finalized as an enrolled version, removing internal drafting notes and page markers while retaining the core legislative text. The substantive policy content regarding credit union definitions, board composition, and lending powers remains consistent between the two versions.

Scope change

The bill's scope and applicability remain unchanged; the differences are purely formatting and editorial.

TECHNICAL

Removed internal legislative markers such as 'ENGROSSED SENATE' and page numbers that were present in the draft version.

Added 'ENROLLED SENATE' to indicate the bill has passed all stages and is ready for signature.

Corrected minor text inconsistencies, such as removing duplicate words and standardizing headers.

Introduced → Engrossed · 5 edits · Mar 30, 2026

MODERATE

This bill updates the Oklahoma Credit Union Act to modernize definitions, restructure the oversight board, and expand operational flexibility for credit unions. Key changes include adding a new definition for 'underserved areas,' reorganizing the Oklahoma State Credit Union Board to include a federal credit union representative, and granting credit unions the ability to make loans with maturities up to 15 years to compete with federal institutions.

Scope change

The bill expands the scope of credit union powers to include longer-term lending and virtual currency management, while also broadening the Board's authority to ensure state charters remain competitive.

DEFINITION

Added a new definition for 'underserved areas' referencing federal law to help credit unions identify priority communities.

Added a new definition for 'virtual currency' to clarify how credit unions should handle digital assets.

REQUIREMENT

Restructured the Oklahoma State Credit Union Board by adding a requirement that one of the appointed members must be from a federal credit union.

Increased the maximum loan maturity period for state credit unions from the previous limit to fifteen years, matching federal standards.

Updated the Board's powers to explicitly include ensuring a competitive state credit union charter.

Credit unions; requiring certain records to be filed with Bank Commissioner; allowing investments; providing requirements for credit unions; establishing compensations. Effective date.

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