Oklahoma SB1623 updates credit union regulations, allowing them to offer virtual currency custody services and invest in certain financial technology.

Oklahoma SB1623 amends the state's credit union laws to allow credit unions to provide virtual currency custody services, either in a fiduciary or nonfiduciary capacity. It mandates that credit unions obtain approval from the Department before offering such services in a fiduciary capacity. The bill also permits credit unions to invest in shares, stocks, or member units of financial technology companies, up to 2.5% of their paid-in and unimpaired capital and surplus.

Oklahoma SB1623 updates credit union regulations, allowing them to offer virtual currency custody services and invest in certain financial technology.

Oklahoma SB1623 amends the state's credit union laws to allow credit unions to provide virtual currency custody services, either in a fiduciary or nonfiduciary capacity. It mandates that credit unions obtain approval from the Department before offering such services in a fiduciary capacity. The bill also permits credit unions to invest in shares, stocks, or member units of financial technology companies, up to 2.5% of their paid-in and unimpaired capital and surplus.