X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DUBLIN, Ohio – The Ohio House of Representatives passed the Credit Union Member Services Powers Bill – House Bill 81 – by a vote of 91-2 on Oct. 18. Sponsored by Rep. Geoffrey Smith (R-Upper Arlington), the measure modernizes the state’s credit union law for the first time in 18 years. Among House Bill 81′s provisions, it: * makes numerous revisions to the state Credit Union Law including general powers and services offered; lending authority; authority granted by parity rules; member accounts; meetings of the board of directors; compensation; liquidity funds and liquidation; investments; record keeping; confidentiality; use of trade names; and out-of-state CUs. * modifies existing parity rules governing banks, savings and loans associations, and savings banks to conform more closely to the revised parity rules being proposed for credit unions. * modifies probate and fiduciary laws and the laws dealing with an interest-bearing trust account (IOLTA) and on-premises police officers to include credit unions and savings banks as eligible financial institutions and included qualifications for on-premises police officers at any financial institution. This week, House Bill 81 is expected to be introduced in the Ohio Senate where there is currently a companion bill, Senate Bill 72 sponsored by Sen. Robert Spada (R-N-Royalton). House Bill 81 will be referred to the Senate Finance and Financial Institutions Committee. Rep. Smith is expected to give sponsor testimony before the committee on the bill. Commenting on the House’s passage of House Bill 81, Ohio Credit Union League General Counsel John Kozlowski said, “It’s fitting that the Ohio House of Representatives passed this legislation during International Credit Union Week, as members and consumers are celebrating the unique service they get from their credit unions. House Bill 81 is consumer-friendly legislation.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.