On February 21, 2026, the state of Oklahoma made significant changes to its banking laws in an effort to enhance consumer protections and improve the overall stability of the banking industry. The new regulations, which were signed into law by Governor Sarah Adams, address a wide range of issues that have been of concern to both consumers and financial institutions in the state.One of the key provisions of the new law is the establishment of stricter guidelines for payday lending practices. Under the previous regulations, payday lenders in Oklahoma were able to charge exorbitant interest rates and fees, trapping many borrowers in a cycle of debt. The new law caps the interest rate that payday lenders can charge at 36%, which is in line with federal guidelines aimed at preventing predatory lending practices.In addition to the changes to payday lending rules, the new law also includes provisions designed to improve transparency and accountability in the banking industry. Financial institutions are now required to provide consumers with clearer information about fees, interest rates, and other charges associated with their accounts. This will help consumers make more informed decisions about their finances and avoid unexpected costs.Furthermore, the new regulations also strengthen oversight of the banking industry in Oklahoma. The state's banking regulators now have enhanced powers to investigate and penalize financial institutions that engage in fraudulent or exploitative practices. This increased enforcement capacity is expected to deter misconduct and protect consumers from financial harm.Overall, the changes to Oklahoma's banking laws represent a significant step forward in promoting fairness and stability in the state's financial system. By enacting these reforms, policymakers hope to create a more equitable banking environment that benefits both consumers and businesses alike. The new regulations are set to go into effect on July 1, 2026, giving financial institutions and regulators time to adjust to the new requirements.