Bill No. 1623 amends the Oklahoma Credit Union Act to modernize the operational framework for credit unions in the state. Key changes include the introduction of new definitions such as "credit union organization" and "underserved areas," and a requirement for the Oklahoma State Credit Union Board to ensure a competitive state credit union charter. The bill enhances the flexibility of credit unions in making loans and investing in shares and stocks, while also prohibiting the Board from considering overlap in its approval processes. Additionally, it increases the allowable investment in certain organizations from one percent to three percent of unimpaired capital and surplus.

The bill also revises the governance structure of credit unions, mandating that a board of directors manage affairs and establishing a supervisory committee for audits. It specifies that board member compensation must be authorized by resolution and disclosed annually, and it clarifies membership criteria by allowing the addition of preapproved categories for individuals in underserved areas. Furthermore, the bill updates the appointment process for the Oklahoma State Credit Union Board to include a credit union member and ensures that the chair is gender-neutral. The act is set to take effect on November 1, 2026.