Oklahoma State Banking Department
Encyclopedia
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
s, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order
companies. The department also handles consumer complaint
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 member appointed by the governor and the commissioner as chair.
The current State Banking Commissioner is Mick Thompson
, a former Oklahoma State Representative
who has severed in that position since September 1, 1992, when he was appointed by Governor David Walters
. He has since been reappointed by Governors Frank Keating
and Brad Henry
in 1996, 2000, 2004 and 2008.
The Department was created in 1967 during the term of Governor Dewey F. Bartlett
.
to serve a four year term. The commissioner is assisted in managing the department by a deputy commissioner and two assistant commissioners.
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 stockhold of in 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.
. Instead, it is funded entirely from fees generated from the financial institutions regulated by the Department.
Government agency
A government or state agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types...
of the state of Oklahoma. The Banking Department is responsible for regulating Oklahoma's banking system, including state-chartered bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s, credit unions, savings and loan associations, and trust companies, as well as cemeteries and money order
Money order
A money order is a payment order for a pre-specified amount of money. Because it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of payment than a cheque.-History of money orders:...
companies. The department also handles consumer complaint
Consumer complaint
Consumer is a broad label for any individuals or households that use goods and services generated within the economy. The concept of a consumer is used in different contexts, so that the usage and significance of the term may vary....
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
Oklahoma Senate
The Oklahoma Senate is the upper house of the two houses of the Legislature of Oklahoma, the other being the Oklahoma House of Representatives. The total number of Senators is set at 48 by the Oklahoma Constitution....
to serve a four-year term. Assisting the commissioner is the State Banking Board, which consists of six member appointed by the governor and the commissioner as chair.
The current State Banking Commissioner is Mick Thompson
Mick Thompson
Mick Thompson is an American banker and politician from Oklahoma who is currently serving as the State Banking Commissioner for the State of Oklahoma. Thompson was initially appointed by Governor of Oklahoma David Walters in 1992, and reappointed by Governor Frank Keating in 1996 and 2000...
, a former Oklahoma State Representative
Oklahoma House of Representatives
The Oklahoma House of Representatives is the lower house of the Oklahoma Legislature, the legislative body of the U.S. state of Oklahoma. Its members are responsible for introducing and voting on bills and resolutions, providing legislative oversight for state agencies, and helping to craft the...
who has severed in that position since September 1, 1992, when he was appointed by Governor David Walters
David Walters
David Lee Walters was the 24th Governor of Oklahoma from 1991 to 1995.-Biography:Walters was born near Canute, Oklahoma. He graduated as valedictorian from Canute High School in 1969. He later graduated from University of Oklahoma in 1973 with a bachelor’s degree in industrial engineering...
. He has since been reappointed by Governors Frank Keating
Frank Keating
Francis Anthony "Frank" Keating is an American politician from Oklahoma. Keating served as the 25th Governor of Oklahoma. His first term began in 1995 and ended in 1999...
and Brad Henry
Brad Henry
Charles Bradford "Brad" Henry was the 26th Governor of the U.S. state of Oklahoma. A member of the Democratic Party, he was elected governor in 2002...
in 1996, 2000, 2004 and 2008.
The Department was created in 1967 during the term of Governor Dewey F. Bartlett
Dewey F. Bartlett
Dewey Follett Bartlett, Sr. , a U.S. politician, served as the 19th Governor of Oklahoma from 1967 to 1971, following his same-party Republican predecessor, Henry Bellmon. State law at that time did not allow consecutive terms for governor. In 1966, he was elected governor after defeating the...
.
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 OklahomaGovernor of Oklahoma
The governor of the state of Oklahoma is the head of state for the state of Oklahoma, United States. Under the Oklahoma Constitution, the governor is also the head of government, serving as the chief executive of the Oklahoma executive branch, of the government of Oklahoma...
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 advise 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
- Deputy Banking Commissioner
- Credit Union Board
- Banking Commissioner
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 stockhold of in bank. All members of the Board are appointed by the Governor, by and with the advice and consent of the Oklahoma Senate
Oklahoma Senate
The Oklahoma Senate is the upper house of the two houses of the Legislature of Oklahoma, the other being the Oklahoma House of Representatives. The total number of Senators is set at 48 by the Oklahoma Constitution....
, 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 LegislatureOklahoma Legislature
The Legislature of the State of Oklahoma is the biennial meeting of the legislative branch of the government of Oklahoma. It is bicameral, comprising the Oklahoma House of Representatives and the Oklahoma Senate, with all members elected directly by the people. The House of Representatives has 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.| Division | Number of Employees |
|---|---|
| Administration Services | 10 |
| Examination Services | 33 |
| Total | 43 |
See also
- Oklahoma Office of State FinanceOklahoma Office of State FinanceThe Oklahoma Office of State Finance is the Oklahoma state government agency that prepares the Governor of Oklahoma’s annual budget, analyzes the effectiveness of state management, manages the state’s budget system and makes appropriate allotments and transfers throughout the state government...
- Oklahoma Department of Consumer CreditOklahoma Department of Consumer CreditThe Oklahoma Department of Consumer Credit is an agency of the state of Oklahoma. The Department regulates the consumer lending business in Oklahoma by overseeing non-commercial credit, small loans, installment sales and usury...
- Oklahoma Department of SecuritiesOklahoma Department of SecuritiesThe Oklahoma Department of Securities is an agency of the state of Oklahoma. The Department oversees the securities business in Oklahoma. The Department regulates securities agents, broker-dealers, and investment advisers as well as the registration of stocks, bonds, and many other types of...
- Oklahoma Tax CommissionOklahoma Tax CommissionThe Oklahoma Tax Commission is the Oklahoma state government agency that collects taxes and enforces the internal revenue laws of the state. The Commission is composed of three members appointed by the Governor of Oklahoma with the approval of the Oklahoma Senate...