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The Oklahoma State Banking Department is responsible for regulating Oklahoma’s banking system, including state-chartered banks, credit unions, savings and loan associations, trust companies, as well as money transmitters and money order companies. The Department also handles consumer complaints 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 who has served in that position since September 1, 1992, when he was appointed by Governor David Walters. He has since been reappointed by Governors Frank Keating (1996 and 2000), Brad Henry (2004 and 2008), and Mary Fallin (2012).
The Banking Department is a constitutional agency authorized under Article 14 of the Oklahoma Constitution.
The Banking Department is not funded by yearly appropriations from the Oklahoma Legislature. Instead, it is funded entirely from assessments and fees generated from the financial institutions regulated by the Department.