members of the State Banking Board Tom Thompson, Lay Member; Commissioner Mick Thompson; Rick Harper, SpiritBank; Carol Fehrle, Quail Creek Bank; Jerold Phillips, Citizens Bank and Trust of Ardmore; and David Terry, Bank of Western Oklahoma.
State Bank Commissioner Mick Thompson announced this week that the Oklahoma State Banking Board approved the largest reduction ever to assessments paid by Oklahoma state-chartered banks. The Commissioner suggested several alternatives for discounting assessments resulting in state-chartered banks saving over $7 million in regulatory costs next year.
For 2026, the standard assessment rate will be discounted by 75% for each bank with assets totaling less than $1 billion, by 40% for each bank with assets at least $1 billion but less than $2 billion, and by 30% for banks with $2 billion or more in assets. The Commissioner explained the sliding scale discount should result in a comparable overall reduction for all institutions because the standard rate for larger institutions is already significantly reduced as asset size grows larger.
The Commissioner stated that a reduction in assessments is one of the ways the State Banking Department can reduce regulatory burden on state-chartered institutions. He also recognized banks are spending more than ever on fraud prevention to protect depositors’ money – and this reduction in regulatory costs can result in more money available for those expenses.
With this year’s reduction, the Banking Department has reduced assessments to the industry more than $41 million over the last 15 years. The Commissioner presented the Board with a 2026 budget reflecting how the Banking Department can continue its efficient operation even with a significant reduction in assessments. The Commissioner stated: “As a self-funded agency, revenue should correspond to expenditures, and we have become much more efficient over the past few years so that we can reduce assessments without reducing services.”
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