SCOTT MEACHAM
OKLAHOMA STATE TREASURER
Certificates of Deposit Policy Statement
Revised: November 2007
The State Treasurer recognizes that State deposits provide an important source of lending capital to
Oklahoma's financial institutions. Therefore, subject to the cash needs of the State and limits established
to control risk, it is the policy of this State Treasurer to permit a financial institution to have access to as
much in state deposits as the financial institution requests, providing that the financial institution complies
with all relevant requirements to safeguard State funds.
I.
Scope
This policy applies to funds subject to the investment discretion of the Treasurer of the State
of Oklahoma.
II.
Objectives
The objectives of the Treasurer's policy are to ensure the safety of public deposits; to provide
Oklahoma banks, savings banks, savings and loan associations and credit unions (financial
institutions) with a source of funds; to ensure that such funds are made available in a
convenient manner and on a fair and equitable basis; and to achieve a reasonable rate of
return.
III.
Legal Authority
Investments of State funds in certificates of deposit (CDs) are governed by statute and
additional policies of the Treasurer. Among the applicable laws are 62 O.S., § 89.2
establishing CDs as a permissible investment; 62 O.S., § 72.1 governing security for public
deposits; and the Financial Institutions Reform and Recovery Act, 12 U.S.C.A. § 1823(e),
requiring written agreements with financial institutions when collateral securities are pledged.
IV. Obtaining and Securing State Deposits
Financial institutions wishing to obtain State funds by offering certificates of deposit are
asked to contact the Treasurer's CD Desk and to comply with the following requirements
designed to ensure the security of such funds. The Treasurer's office is committed to
providing efficient, knowledgeable, and pleasant service regarding all such matters. Detailed