December 5, 1997
Angela Davis, Staff Assistant
State Farm Insurance Companies
Benefits & Services - SC-4
One State Farm Plaza
Bloomington, IL 61710
Dear Ms. Davis:
You have written asking whether the recently revised provision
of the Oklahoma statute that prohibits credit unions from being
closed more than three consecutive days applies to federal credit
unions (FCUs). OKLA. STAT. ANN., tit. 6, ยง601 (West 1998).
You are concerned because Paul Foster, an attorney with the Oklahoma
Banking Department had advised the Oklahoma Credit Union League
that the provision applied to both federal and state chartered
credit unions. Mr. Foster has changed his opinion. He now sees
no basis for the provision to apply to FCUs and has advised this
office that the state will not attempt to enforce the provision
with respect to FCUs.
Sincerely,
Sheila A. Albin
Associate General Counsel
GC/MFR:bhs
SSIC 3600
97-1119