In last years legislative session the legislature passed the Oklahoma Financial Transaction Act (OFTRA). This act was introduced at the request of the Federal Government. The purpose of this act was to impose rules and regulations upon money transmitters so as to help the Federal Government catch drug dealers and money launderers. Pursuant to this legislation the Oklahoma State Banking Board was authorized and directed to implement rules and regulations regarding OFTRA.

The act excludes banks and credit unions from its operation. However, it would cover a CUSO that was performing any of the listed activities covered by the legislation and the proposed regulations.

The comment period starts on December 15, 2006 and ends on January 16, 2007. Comments may be written or oral and should be made to the Oklahoma Banking Department, 4545 N Lincoln Blvd., Suite 164, Oklahoma City, OK 73105, and ATTENTION: Dudley Gilbert, Esq. A public hearing will be held on January 17, 2007 at 10:00 am. You must sign in before 10:05am if you wish to speak and each speaker will be given 5 minutes to speak.

Enclosed is a summary of the proposed rules provided by the State banking Department along with a copy of the proposed regulations.

If you have any questions please contact Richard Del Sesto at the Oklahoma Credit Union League at 1-800-375-6285 or 918-496-4688 at extension 226.