The Oklahoma State Banking Department regulates state-chartered banks, credit unions, savings and loans, trust companies, money transmitter companies and money order companies.
The Comptroller of the Currency (800-643-6743) regulates national banks and the National Credit Union Administration (800-755-1030) regulates national credit unions.
The state Banking Board’s move will free up Oklahoma’s community banks to devote more capital to community-based lending to help promote economic development and job growth in the private sector,” Fallin said.Decided to explore the new government regulations and discovered that MSN Money has a detailed article:
Recent financial regulations are expected to cost banks as much as $25 billion a year, as they will now be forced to set limits on credit interchange fees charged to merchants, ask permission from consumers to charge overdraft fees and generally be more straightforward with their customers about interest rates.
"Regulatory and legislative activities have been working primarily against banks," said Richard Davis, the CEO of U.S. Bank, in a recent interview. "A lot of those are negatively biased against banks as they relate to profitability."Even though banks are facing new government regulations that are going to cost them billions, the big banks are still giving out huge bonuses to their CEO's and other high ranking banking officials. Since the cost is passed onto the consumer, it is time to cut out all bonuses until further notice. The government should not be in the business of regulating bonuses but the consumers sure can. No one individual deserves millions of dollars in bonus money. The banking industry is crying about how bad they have it right now with the new regulations and how much it is costing their banks but they are finding millions to reward their top tier people?
In response, major banks are expected to make up for lost revenue by coming up with new fees to charge consumers. In fact, some of the biggest banks have already begun to do so. Yet from a consumer's perspective, there is something amiss with this strategy. Many of these banks justify the new fees by playing up their weakened balance sheets, only to dole out lavish bonuses and exorbitant salaries to their executives. But if a company can afford to pay its executives extremely well, isn't that a sign that its finances are in better shape than it lets on?
JPMorgan and other banks have said they raised certain fees to make up for revenue lost because of new and proposed regulations related to debit and credit cards. CardHub.com estimates that proposed limits to debit-card transaction fees could cost banks $13 billion a year. Based on these regulatory and industry shifts, Wells Fargo said it considers its accounts and services fairly priced.
MainStreet took a closer look at some of the biggest banks that are imposing new fees this year and found that some have also increased the salaries for their chief executives, casting further doubts on their motives. How much more are they making -- and how much more are you paying? Find out on the following pages.
If your bank is giving out huge bonuses, you might want to look elsewhere for a bank that doesn't give their CEO and others millions of dollars of your money every year as a bonus. Without the money from customers, the banks make no money. In the end consumers are paying for the rich to get richer so why not take your money to banks where the bank board treats your money like their money and refuse to pay huge bonuses at the end of the year.
This is one reason locally owned banks and credit unions are becoming popular because consumers know their money is secure plus it is not being wasted on paying CEO's big salaries and bonuses. No wonder interest rates are so low on savings as you have to pay out the year end bonuses. Absolutely disgusting. BTW, I bank locally and with a credit union. Interest on checking is higher then most major banks have on savings by a few percentage points.
Now we have the Oklahoman Banking Board lowering assessments on state charted institutions to make up for the federal regulation cost to banks they are facing in 2012. What is in the Dodds/Franks bill that is costing banks so much money? Was this another bill that had to be passed in order to see what was in the bill? Government is out of control in DC starting with the Administration and the Congress. Time to get some brooms and sweep out the deadwood who are coming up with all these regulations. Don't they have something better to do then get involved in every aspect of our lives? How about cutting back on regulations not giving us new ones for starters?
This Press Release from The Oklahoma Governor shows that Oklahoma is taking action to lower assessment rates for 2012 with our state chartered financial institutions to make sure that our economy continues to grow. Maybe the people in DC should look at TX and OK to see what they are doing right and what the Federal Government is doing wrong. Over regulation is killing this economy and that fault lies with the Administration and with members of Congress who go along to get along.
FOR IMMEDIATE RELEASE
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