Okla. Stat. tit. 18, § 18-381.11

powers – Orders – Notice and hearing – Temporary orders –

Cooperative agreements - Opinions.

A. The State Banking Commissioner shall have general

supervision of associations, in addition to the authority set forth

in other sections of this act. In addition to other powers

conferred by this act, the Commissioner shall have the power to

order an association, a holding company of an association,

shareholder, officer, director, or employee to:

1. Maintain an accounting system in accordance with such rules

as may be prescribed by the Commissioner; provided, the accounting

system required shall have due regard to the size of the

association;

2. Observe methods and standards which the Commissioner may

prescribe for determining the value of various types of assets;

3. Charge off the whole or part of an asset which at the time

of the Commissioner's action could not lawfully be acquired;

4. Write down an asset to its market value;

5. Record liens and other interests in property;

6. Obtain a financial statement from a borrower to the extent

the association can do so;

7. Obtain insurance against damage to real estate taken as

security;

8. Search, or obtain insurance for, the title to real estate

taken as security;

9. Maintain adequate insurance against such other risks as the

Commissioner may determine to be necessary and appropriate for the

protection of depositors and the public; and

10. Cease and desist from engaging in any act or transaction,

or doing any act in furtherance thereof, which would constitute a

violation of the provisions of this act, applicable federal laws,

the applicable laws of another state, or a lawful regulation issued

thereunder, or to cease and desist from engaging in any unsafe or

unsound practice.

B. Before issuing an order provided for in subsection A of this

section, the Commissioner shall give reasonable notice and

opportunity for a hearing. However, if the Commissioner makes

written findings of fact that the protection of depositors will be

harmed by delay in issuing an order provided for in subsection A of

this section, the Commissioner may issue a temporary order pending

the hearing on the order provided for in subsection A of this

section. The temporary order shall remain in effect until three (3)

business days after the hearing on the order provided for in

subsection A of this section and shall become final if the

Oklahoma Statutes - Title 18. Corporations Page 26

association subject to the order fails within fifteen (15) days

after the receipt of the order to request a hearing to determine

whether the temporary order should be modified, vacated, or become

final. If a hearing on the temporary order is not held upon written

request, the temporary order shall dissolve, and the order provided

for in subsection A of this section shall not be issued except upon

reasonable notice and opportunity for hearing.

C. The Commissioner may enter into cooperative, coordinating,

and information-sharing agreements with any other supervisory

agencies or any organization affiliated with or representing one or

more supervisory agencies with respect to the periodic examination

or other supervision of any association, bank holding company, or

branch in this state or an out-of-state association, or any branch

of an Oklahoma-chartered association in any other state, and the

Commissioner may accept such reports of examination and reports of

investigation in lieu of conducting the Commissioner's own

examinations or investigations.

D. The Commissioner may enter into cooperative agreements with

other regulatory agencies to facilitate the regulation of

associations and holding companies doing business in this state.

The Commissioner may accept reports of examinations and other

records from such other agencies in lieu of the Oklahoma State

Banking Department conducting the examinations of associations
s or investigations.

D. The Commissioner may enter into cooperative agreements with

other regulatory agencies to facilitate the regulation of

associations and holding companies doing business in this state.

The Commissioner may accept reports of examinations and other

records from such other agencies in lieu of the Oklahoma State

Banking Department conducting the examinations of associations

controlled by out-of-state holding companies. The Commissioner may

take any action jointly with other regulatory agencies having

concurrent jurisdiction over associations and holding companies or

may take such actions independently in order to carry out the

Commissioner's responsibilities.

E. 1. The Commissioner may issue interpretive statements

containing matters of general policy for the guidance of

associations subject to this act. The Commissioner may amend or

repeal an interpretative statement by issuing an amended statement

or notice of repeal of a statement and shall provide notice thereof

and make it available upon request to all associations chartered

under this act.

2. The Commissioner may issue opinions in response to specific

requests from members of the public or the association industry

directly or through the Deputy State Banking Commissioner or the

attorneys of the Department. The Commissioner may amend or repeal

an opinion by issuing an amended statement or notice of repeal of an

opinion and shall provide notice thereof and make it available upon

request to all associations chartered under this act. However, the

requesting party may rely on the original opinion if:

a. all material facts were originally disclosed to the

Commissioner,

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b. considerations of safety and soundness of the affected

association are not implicated with respect to further

and prospective reliance on the original opinion, and

c. the text and interpretation of relevant governing

provisions of this act have not been changed by

legislative or judicial action.

3. An interpretive statement or opinion issued under this

section does not have the force of law and is not a rule.

F. Upon failure of such association to comply with the order or

requirements of the Commissioner, the Commissioner may suspend the

certificate of authority to transact business of such association,

or the Commissioner may place the association in receivership in the

manner provided by this act.