COLUMBUS, Ohio (2/24/12)--John Kozlowski, general counsel for the Ohio Credit Union League, testified against an Ohio Senate bill last week regarding the state's Agricultural Linked Deposit Program, because it failed to include credit unions in its expanded list of eligible participants.
Credit unions should be included as lenders in the linked deposit programs, Kozlowski argued (eLumination Newsletter Feb. 22).
"While [the Ohio Credit Union League] realizes there is a greater issue regarding public funds than what is contained in Senate Bill 281, I can tell this committee with certainty that many banks do not fully participate in linked deposit programs such as those contained in SB 281, and credit unions would gladly participate in programs such as Ag-LINK for the benefit of their communities," Kozlowski said.
"By continuing to maintain the mandate that prohibits credit unions from serving their communities in this capacity, Ohio, its citizens, and its businesses are missing important development opportunities," he added.
State Sen. Michael Skindell (D-Lakewood), ranking minority member on the state Senate Financial Institutions Committee, spoke in favor of credit unions during the hearing and agreed they should be included, the league said.