Oklahoma Administrative Code Title 625 - Oklahoma Savings and Loan Board
Oklahoma Administrative Code – Title 625: Oklahoma Savings and Loan Board
Overview:
Title 625 of the Oklahoma Administrative Code contains the rules and regulations established by the Oklahoma Savings and Loan Board, which governs savings and loan associations operating within the state. These rules are designed to ensure the safety, soundness, and proper operation of these financial institutions and protect the interests of depositors and the public.
Key Functions of the Oklahoma Savings and Loan Board (under Title 625):
Regulation and Supervision of Savings and Loan Associations:
The board oversees both state-chartered and foreign (out-of-state) savings and loan associations operating in Oklahoma.
It ensures compliance with applicable state laws and administrative rules.
Chartering of Institutions:
The board reviews and approves or denies applications for new savings and loan charters.
It may impose conditions or restrictions on the issuance of charters to maintain financial stability.
Mergers and Acquisitions:
Any proposed merger, consolidation, or acquisition involving a savings and loan association in Oklahoma must be reviewed and approved by the Board.
The Board ensures that such transactions are in the best interest of the public and depositors.
Branching and Expansion:
Rules govern the opening of new branches, relocation of offices, and expansion of services by associations.
Associations must file detailed applications and demonstrate economic need and capability.
Safety and Soundness Requirements:
The Board sets rules on capital adequacy, liquidity, reserves, and lending practices to ensure institutions remain solvent and minimize risk.
Associations are subject to periodic examinations.
Enforcement and Corrective Actions:
The Board has authority to issue cease and desist orders, impose fines, or take other regulatory actions in cases of non-compliance or unsafe practices.
Reporting Requirements:
Savings and loan associations are required to submit regular reports, including financial statements and audit findings.
Consumer Protection:
Ensures associations operate fairly and transparently, with protections for borrowers and depositors.
Governance and Structure:
The Oklahoma Savings and Loan Board typically includes members appointed by the Governor and may include professionals with experience in finance, banking, or law.
The State Banking Department often supports the Board administratively and operationally.
Practical Implications:
Institutions must strictly comply with Title 625 to maintain their licenses.
Consumers benefit from the oversight that promotes fair practices, financial health of institutions, and protection of deposits.
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