COLMUBUS, Ohio (2/15/08)--Credit union modernization legislation--Senate Bill 247--made it through the Ohio Financial and Financial Institutions Committee Feb. 5 without opposition, says the Ohio Credit Union League (eLumination
Newsletter, Feb. 13). The legislation seeks to modernize the administration, operation and governance of Ohio’s state-chartered credit unions. The committee adopted several amendments to the legislation that would:
* Require credit unions to retain Suspicious Activity Reports for five years; * Provide further clarification of nonpaper document storage requirements; and * Provide of authority for the superintendent of the Ohio Division of Financial Institutions to conduct national background checks within limits.
The bill will go to the floor for a vote when the State Senate returns to session. SB 247 is then expected to be referred to the House Financial Institutions, Real Estate and Securities Committee, according to league General Counsel John Kozlowksi. “We expect the credit union legislation to continue making solid progress through the House and in the Senate,” Kozlowski said.