Ohio CUs Push Ahead on Public Funds Bill
Ohio credit unions pressed their case with state lawmakers this week to pass an enabling bill on depositing public funds in CUs, an issue which continues to draw fierce opposition from the banking lobby.
So far, there have been three House hearings on an industry-sponsored bill with another session slated in mid-April but the Ohio Credit Union League stressed again Thursday that the issue remains "heavily charged."
A record number of 120 Ohio CEOs turned out Wednesday to buttonhole lawmakers on the public funds bill and other measures at the annual Credit Union Day at the Statehouse.
The league-backed bill allowing local townships and district agencies the right to invest in a CU was portrayed as a "safe alternative" and an "important option when choosing a financial institution." The banking opponents argued CUs have an unfair tax advantage.
"Last year, the message to our state representatives and senators was that credit unions are safe, sound, and secure amidst the difficult economy," said John Kozlowski, general counsel of the league. "This year, in H.B. 317, we have legislation crucial to the ability of our credit unions to invest in the communities and small businesses they serve each and every day."