On February 21, 2026, Oklahoma Governor John Smith signed a new banking law aimed at boosting economic growth in the state. The bill, titled the Oklahoma Banking Modernization Act, seeks to streamline regulations for financial institutions while also promoting innovation and competition within the banking sector.One of the key provisions of the new law is the establishment of a framework for the licensing and regulation of financial technology companies, or fintechs, in Oklahoma. This move is in response to the rapid growth of the fintech industry and aims to create a more level playing field for traditional banks and new technology-driven entrants.In addition to fintech regulation, the Oklahoma Banking Modernization Act also includes provisions to improve access to financial services in underserved communities. The law mandates that all banks operating in the state must offer basic banking services, such as checking and savings accounts, to all residents, regardless of their credit history or immigration status.Governor Smith hailed the new law as a positive step towards promoting financial inclusion and economic development in Oklahoma. In a statement, he said, "This legislation will help bring our banking laws into the 21st century and ensure that all Oklahomans have access to the financial services they need to thrive and succeed."The Oklahoma Banking Modernization Act has received widespread support from both the banking industry and consumer advocacy groups. The Oklahoma Bankers Association praised the law for its balanced approach to regulation, while organizations such as the Oklahoma Coalition for Consumer Rights lauded its focus on expanding access to financial services for all residents.Overall, the new banking law is expected to have a positive impact on Oklahoma's economy by promoting competition, innovation, and financial inclusion. As the state continues to attract new businesses and residents, the modernization of its banking sector will play a key role in supporting growth and prosperity for all Oklahomans.