The bill amends various sections of the Oklahoma Statutes concerning credit unions, introducing new definitions such as "credit union organization," "custody services," and "virtual currency." It requires credit unions to obtain share and deposit account insurance from the National Credit Union Administration or a qualified private organization, with the Oklahoma State Credit Union Board having the authority to prohibit certain insurers lacking adequate resources. Additionally, credit unions are permitted to engage in custody services and manage virtual currency, contingent upon receiving authorization from the Banking Department. The bill also enhances the powers of the Oklahoma State Credit Union Board, allowing for greater flexibility in lending practices and requiring disclosures regarding board member compensation.

Moreover, the bill revises membership criteria, stating that the Board will not consider membership overlap when approving new credit unions and allows for the addition of preapproved association categories based on income levels. It clarifies the approval process for loans and investments, ensuring compliance with regulatory standards while enabling credit unions to operate effectively. The bill also updates the management structure of credit unions, detailing the responsibilities of boards and committees, and mandates the filing of board members' names and addresses with the Commissioner. Furthermore, it allows state-chartered credit unions to apply for additional powers deemed necessary for competition, with the bill set to take effect on November 1, 2026.