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Give State Chartered
Oklahoma
Credit Unions the Option of Private Deposit Insurance
Review
& Sign the Petition below
Dear Chairman Thompson:
On behalf of Oklahoma’s credit unions, we are writing to express our strong support in allowing Oklahoma state-charted credit unions the option, with regulatory approval, to choose private deposit insurance alongside federal insurance.
Oklahoma’s state charter is an essential component of a diverse and resilient credit union system. Preserving the strength of the state charter requires meaningful options that allow institutions to operate in ways that best serve their members while remaining subject to robust state supervision. Providing a clear and workable path for deposit insurance choice directly supports this objective and reinforces the value of the state charter in Oklahoma.
Federal deposit insurance continues to play an important role in the credit union system. At the same time, more than 10 states currently allow state-chartered credit unions to pursue private deposit insurance. In those states, deposit insurance choice has helped support charter growth, regulatory flexibility, and long-term system stability. Allowing this option in Oklahoma would ensure that state-chartered credit unions are not limited relative to their peers and can continue to compete effectively while remaining under state oversight.
Allowing deposit insurance choice also strengthens regulatory supervision. Any private insurer would be subject to review, approval, and ongoing oversight by your office, ensuring that appropriate safety and soundness standards are met and that member deposits remain protected. This approach preserves regulatory authority while allowing innovation within a well-supervised framework.
More importantly, providing this option would not require any credit union to change its current deposit insurance coverage. It would allow state-chartered credit unions that determine private insurance may better align with their business model and risk profile to explore that option, subject to regulatory approval.
We respectfully request your support and leadership in guiding the evaluation and implementation of this option for Oklahoma state-chartered credit unions. Doing so would strengthen the state charter, support regulatory flexibility, and ensure Oklahoma’s credit unions remain well-positioned to meet the needs of their members and communities.
We appreciate your consideration and welcome the opportunity to continue this discussion with your team.
Respectfully,
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