Oklahoma Lawmakers to Take 2d Look at Interstate Banking Law

By Ringer, Richard | American Banker, June 13, 1986 | Go to article overview
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Oklahoma Lawmakers to Take 2d Look at Interstate Banking Law


Ringer, Richard, American Banker


Oklahoma Lawmakers to Take 2d Look at Interstate Banking Law

CHICAGO -- The Oklahoma Legislature will take a second look at the nationwide interstate banking law it enacted hurriedly only last month.

On Tuesday, the state Senate agreed to form a committee to study the matter of interstate banking and report its findings during the legislative session beginning in January 1987. On Wednesday, the House followed suit, also voting in favor of forming a study panel.

The Oklahoma Bankers Association, the state banking industry trade group that was instrumental in getting the interstate law approved, gave its support to the interim study. Robert E. Harris, executive vice president of the association, also defended the law and the need for it. Mr. Harris said he doubts that any "significant change" in the law will result from the study commission.

The interstate law has the "tremendous support of the [association's] membership," Mr. Harris said in a telephone interview on Wednesday. Only a "distinct minority" of the membership is opposed to the law, he said.

Moreover, the issue of interstate banking was not questioned formally during the association's annual convention, held shortly after the law was enacted. Of the 535 banks in the state, 529 are members of the Oklahoma Bankers Association.

Earlier this week, an official of the Independent Bankers Association of Oklahoma questioned the need for a key provision in the emergency law that was enacted in May. The provision allows nationwide interstate banking beginning on July 1, 1987.

Before the trigger date, the law also allows out-of-state banks and bank holding companies to acquire under certain circumstances a failed or failing Oklahoma bank.

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Oklahoma Lawmakers to Take 2d Look at Interstate Banking Law
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