Newspaper article THE JOURNAL RECORD

Committee Oks Bill to Give S&ls Crack at State Deposits/about $31.8 Million

Newspaper article THE JOURNAL RECORD

Committee Oks Bill to Give S&ls Crack at State Deposits/about $31.8 Million

Article excerpt

For the first time, Oklahoma's savings and loan associations and credit unions could get a crack at about $31.8 million in state deposits, as a result of a bill passed Thursday by the Banking and Finance Committee of the state House of Representatives.

House Bill 1019, authored by Rep. Bill Brewster, D-Marietta, is the enabling legislation for State Question 599, a constitutional amendment approved last August by 72 percent of the voters in a statewide election.

That amendment changed an outdated provision of the state's constitution, which had limited the school land commission's investments to deposits in commercial banks in Oklahoma, farm loans, or investments backed by the federal government.

If it becomes law, House Bill 1019 would permit the Oklahoma School Land Commission to deposit funds in the state's savings and loan associations, credit unions or trust companies, for the first time. Such deposits would be limited to $100,000 increments, in order to meet the federal insurance requirements.

Before the vote, the committee listened to endorsements of House Bill 1019 from Mike Toalson, executive vice president of the Oklahoma League of Savings Institutions, and Dixie Moseley, governmental affairs specialist of the Oklahoma Credit Union League.

"Our members make 55 percent of the home loans in Oklahoma," he said. "If this money is deposited with us, we will make sure that it's made available to Oklahomans for mortgages and consumer loans."

Moseley agreed.

"The purpose of this bill is to keep the money in Oklahoma," she said.

Only $49.2 million of the state school land commission's total investment portfolio of $504. …

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