Oklahoma State Banking Department: Your Guide to Banking Services

The Oklahoma State Banking Department is here to help you navigate the world of banking in the Sooner State. They're responsible for regulating and supervising state-chartered banks, trust companies, and other financial institutions.

Their main goal is to protect consumers and ensure the stability of the state's financial system. To do this, they enforce laws and regulations that require banks to maintain strong capital levels and engage in safe and sound banking practices.

If you're looking for a bank in Oklahoma, the Banking Department can help you find a state-chartered bank that meets your needs. They have a list of licensed banks on their website.

Additional reading: New York State Department of Financial Services

The Oklahoma State Banking Department provides various services to support the banking industry and protect consumers.

The department's Consumer Finance Division offers assistance with complaints and inquiries related to consumer finance products and services.

You can contact the department's Consumer Finance Division by phone at (405) 962-8090 or by email at [[email protected]](mailto:[email protected]).

The department's main office is located in Oklahoma City, Oklahoma.

Additional reading: Banks and Banking Services

The State Banking Board is the official regulatory body of all financial institutions in the state. It's made up of seven members: six appointed members and the State Banking Commissioner.

The State Banking Commissioner serves as chairman of the board, but can only vote in case of a tie. This ensures that decisions are made with careful consideration.

Of the six appointed members, five must be active officers of a financial institution. This means they have hands-on experience in the industry.

A sixth member must be a citizen of Oklahoma, at least 35 years old, and has no experience as a bank officer or stockholder of a bank. This ensures a diverse perspective on the board.

All members of the board are appointed by the governor, with the advice and consent of the Oklahoma Senate. They serve a six-year term, providing stability and continuity.

The governor may only nominate individuals to fill the banking representative seats who have been nominated by the Oklahoma Bankers Association (OBA). If the OBA fails 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.

Here's a breakdown of the State Banking Board's composition:

The Loan Origination Office is a specialized office that handles loan production deposits. It's a formal process, as evidenced by the Notice and Statement of Intent to Establish a Loan Production Office.

The Oklahoma Banking Department is responsible for overseeing this process, with a specific address at 2900 North Lincoln Boulevard in Oklahoma City, Oklahoma 73105.

The Banking Department is funded entirely from fees generated from the financial institutions regulated by the department, unlike other departments that rely on yearly appropriations from the Oklahoma Legislature.

This unique funding model means the department doesn't have to rely on government handouts, giving it more financial stability and flexibility to serve the public.

Explore further: Truist Bank Fraud Department