Governor Mary Fallin today announced the Oklahoma State Banking Board has voted to lower the assessment rates paid by all state-chartered banks in Oklahoma. The Board took action at its Nov. 30 meeting in response to the increased costs that Oklahoma banks are incurring as a result of federal regulatory changes.
The assessment rates were lowered 22 percent for a bank's first $100 million of assets. The rates take effect Dec. 31, 2011. The Board reasoned this reduction in state regulatory assessments may help offset federal regulatory costs that are increasing, as well as help community banks devote more capital to community-based lending.
"What Washington doesn't seem to understand is that burdensome overregulation can stifle economic growth and job creation. The state Banking Board's move will free up Oklahoma's community banks to devote more capital to community-based lending to help promote economic development and job growth in the private sector," Fallin said.
State Banking Commissioner Mick Thompson said, "The Board made this decision to lower assessments to send a message that the State Banking Department understands the federal regulatory burden that community banks are suffering through, and that strong community banks in Oklahoma are important to maintaining the state's economic recovery."