TULSA, OK (May 13, 2026) |
Oklahoma’s state-chartered credit unions secured a major legislative victory last week when Governor Stitt approved Senate Bill 1623, a comprehensive charter modernization measure that will expand credit unions’ capacity to serve members and invest in their communities. The legislation passed unanimously through both chambers of the Oklahoma Legislature, a reflection of the broad, bipartisan consensus behind credit unions’ essential role in Oklahoma’s financial landscape.
SB 1623 represents the culmination of a multi-year effort led by Oklahoma’s nine state-chartered credit unions and spearheaded by Oklahoma Central Credit Union, headquartered in Tulsa and the largest state-chartered credit union in Oklahoma. Among its most significant provisions, the law raises the permissible investment threshold in Credit Union Service Organizations (CUSOs) to 3% of assets, giving credit unions greater flexibility to develop expanded financial products and technology-driven services. The law also broadens field of membership allowances, enabling credit unions to serve more Oklahomans across a wider range of communities.
“This legislation is a meaningful step forward for Oklahoma’s state-chartered credit unions and the members we are privileged to serve,” said Gina Wilson, President and CEO of Oklahoma Central Credit Union. “By expanding our CUSO investment capacity and broadening field of membership, SB 1623 equips our credit unions with the tools to meet the evolving financial needs of our members and deepen our impact across the state. We are grateful to the bill’s authors and to every legislator who championed this effort.”
The new law reinforces Oklahoma’s dual chartering system, preserving meaningful choices for credit unions and the members they serve while maintaining robust regulatory oversight through the Oklahoma State Banking Department. Advocates emphasized that SB 1623 strengthens the competitive position of state-chartered institutions, leveling the playing field relative to federally chartered counterparts and reducing the risk of charter flight.
“For generations, credit unions have operated on a simple but powerful principle: people helping people,” Wilson added. “This law gives our institutions the latitude we need to continue expanding financial access, strengthening member service, and reinvesting in the communities that depend on us.”
Oklahoma’s credit unions extended their gratitude to the bill’s legislative authors, industry advocates, and community stakeholders whose sustained engagement made enactment possible. Senate Bill 1623 takes effect November 1, 2026.