State Banking Board
The State Banking Board is the official regulatory body of all financial institutions in the State. The Board is composed of seven members: six appointed members and the State Banking Commissioner. The State Banking Commissioner serves as Chairman of the Board, but may only vote in case of a tie.
Of the six appointed members, five members must be active offices of a financial institution and a sixth member must be a citizen of Oklahoma, at least 35 years old, who has no experience as a bank officer or stockhold of in bank. All members of the Board are appointed by the Governor, by and with the advice and consent of the Oklahoma Senate, to serve a six-year term. However, the Governor may only nominate individuals to fill the banking represent seats who have been nominated by the Oklahoma Bankers Association (OBA). Should the OBA fail 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. The Governor is always free to nominate anyone to the non-bankers seat.
It is the duty of the State Banking Board to adopt reasonable and uniform rules and regulations to govern the conduct, operation and management of all financial institutions operating in the State. It is the duty of the State Banking Commissioner to enforce the rules adopted by the Board.
Read more about this topic: Oklahoma State Banking Department
Famous quotes containing the words state, banking and/or board:
“The state is suffering from two opposite vices, avarice and luxury; two plagues which, in the past, have been the ruin of every great empire.”
—Titus Livius (Livy)
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“And they heaved a mighty breath, every soul on board but me,
As they saw her nose again pointing handsome out to sea;
But all that I could think of, in the darkness and the cold,
Was just that I was leaving home and my folks were growing old.”
—Robert Louis Stevenson (1850–1894)