On May 7, 2026, OKL LEG reported SB 1623 became law without Governor signature.
On Apr. 29, OKL LEG passed bill on requirements for credit unions.
OKL LEG passed SB 1623 requiring state-chartered credit unions to file certain records with bank commissioner, allowing investments, establishing compensation.
Requires Board actions to maintain a competitive state credit union charter.
Allows state-chartered credit unions to offer loan products with the same level of flexibility available to federally chartered credit unions so they can remain competitive.
Requires state-chartered credit unions to submit names, addresses of their directors, committee members, officers to Bank Commissioner within ten days of each election.
Permits compensation for directors, members, with required annual disclosure.
Bars Board from considering geographic/membership overlap when evaluating a proposed field of membership for a state-chartered credit union.
Legislative History
On Feb. 2, 2026, bill introduced in Senate; on Mar. 26, 2026, bill passed Senate.
On Mar. 30, 2026, bill introduced in House; on Apr. 29, 2026, bill passed House.
Effectiveness
Bill will become effective Nov. 1, 2026.
May 2026 OKL LEG Law Without Signature
On May 7, 2026, OKL LEG reported SB 1623 became law without Governor signature.
