The Oklahoma State Banking Department (OSBD) is an agency of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

credit unions A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...

savings and loan associations A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; simi ...

, and

trust companies A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trust ...

, as well as money transmitters)and money order companies. The department also handles

consumer complaint A consumer complaint or customer complaint is "an expression of dissatisfaction on a consumer's behalf to a responsible party" (London, 1980). It can also be described in a positive sense as a report from a consumer providing documentation about ...

s involving state-regulated financial institutions. The Banking Department is led by a State Banking Commissioner who is appointed by the Governor of Oklahoma with the consent of the Oklahoma Senate to serve a four-year term. Assisting the commissioner is the State Banking Board, which consists of six members appointed by the governor and the commissioner as chair. The current State Banking Commissioner is Mick Thompson, a former Oklahoma State Representative who has served in that position since September 1, 1992, when he was appointed by Governor

David Walters David Lee Walters (born November 20, 1951) is an American politician who was the 24th governor of Oklahoma from 1991 to 1995. Born in Canute, Oklahoma, Walters was a project manager for Governor David Boren and the youngest executive officer ...

. He has since been reappointed by Governors

Frank Keating Francis Anthony Keating II (initially born as David Rowland Keating) (born February 10, 1944) is an American attorney and politician who served as the 25th governor of Oklahoma from 1995 to 2003. , Keating is one of only five governors in Okl ...

, Brad Henry and

Mary Fallin Mary Fallin (; née Copeland; born December 9, 1954) is an American politician who served as the 27th governor of Oklahoma from 2011 to 2019. A member of the Republican Party, she was elected in 2010 and reelected in 2014. She was the first and s ...

in 1996, 2000, 2004, 2008 and 2012. With the granting of statehood on November 11, 1907, Article XIV of the Oklahoma Constitution created the Banking Department. Governor

Dewey F. Bartlett Dewey Follett Bartlett Sr. (March 28, 1919 – March 1, 1979) was an American politician who served as the 19th governor of Oklahoma from 1967 to 1971, following his fellow Republican, Henry Bellmon. In 1966, he became the first Roman Ca ...

was chairman of the board, and Herbert H. Smock was the department's first banking commissioner.

Organization

The department is under the supervision of the State Banking Board and its chairman, who is the State Banking Commissioner. The commissioner is appointed by the

Governor of Oklahoma The governor of Oklahoma is the head of government of the U.S. state of Oklahoma. Under the Oklahoma Constitution, the governor serves as the head of the Oklahoma executive branch, of the government of Oklahoma. The governor is the '' ex of ...

to serve a four-year term. The commissioner is assisted in managing the department by a deputy commissioner and two assistant commissioners. *State Banking Board **Banking Commissioner ***Deputy Banking Commissioner ****Administration Division - responsible for managing the human resources and material resources of the Department ****Banking Examination Division - responsible for inspecting all state-charted banks *****Western Region *****Eastern Region ****Credit Union Examination Division - responsible for inspecting all state-charted credit unions ****Legal Affairs Division - responsible for providing legal advice to the Department ****Finance Division - responsible for overseeing all finance and budgetary issues of the Department ****Information Technology Division - responsible for overseeing all information technology needs of the Department **Credit Union Board

State Banking Board

The State Banking Board is the official regulatory body of all financial institutions in the State. The Board is composed of seven members: six appointed members and the State Banking Commissioner. The State Banking Commissioner serves as chairman of the board, but may only vote in case of a tie. Of the six appointed members, five members must be active offices of a financial institution and a sixth member must be a citizen of Oklahoma, at least 35 years old, who has no experience as a bank officer or stockholder of a bank. All members of the board are appointed by the governor, by and with the advice and consent of the Oklahoma Senate, to serve a six-year term. However, the governor may only nominate individuals to fill the banking represent seats who have been nominated by the Oklahoma Bankers Association (OBA). Should the OBA fail to nominate a list of candidates within 30 days of a vacancy, the governor is free to select anyone who meets the qualifications of office. The governor is always free to nominate anyone to the non-bankers seat. It is the duty of the State Banking Board to adopt reasonable and uniform rules and regulations to govern the conduct, operation and management of all financial institutions operating in the state. It is the duty of the State Banking Commissioner to enforce the rules adopted by the board.

Budget

The Banking Department is not funded by yearly appropriations from the

Oklahoma Legislature The Legislature of the State of Oklahoma is the state legislative branch of the U.S. state of Oklahoma. The Oklahoma House of Representatives and Oklahoma Senate are the two houses that make up the bicameral state legislature. There are 101 ...

. Instead, it is funded entirely from fees generated from the financial institutions regulated by the department.

Staffing

The State Banking Department, with an annual budget of over $6 million, is one of the smallest employers for the state. For fiscal year 2010, the department was authorized 43 full-time employees.FY 2011 State Budget

Oklahoma Office of State Finance The Oklahoma Office of Management and Enterprise Services (OMES) is a government agency which manages and supports the basic functioning of the government of Oklahoma. Under the leadership of the Oklahoma Secretary of Agency Accountability, OMES p ...

References

*"Banking in Oklahoma 1907-2000" by Michael J. Hightower

External links

Oklahoma State Banking Department website
Banking, Department of Oklahoma 1907 establishments in Oklahoma {{Oklahoma-gov-stub