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News Now

CU System
Ohio CUs fare well in state budget
COLUMBUS, Ohio (7/15/11)--Ohio’s credit unions fared well when Gov. John Kasich and the Ohio General Assembly signed House Bill 153, the state’s two-year biennial budget bill for fiscal years 2012-2013, said the Ohio Credit Union League. Many state agencies felt the brunt of budget reductions, said the league (eLumination Newsletter July 13). The spending allowance for the Credit Union Fund was reduced by 4.90% or $177,000 to $3.45 million for fiscal year 2012, and the level will remain the same for fiscal year 2013. The league said it held “numerous meetings with key elected officials throughout the budget process to ensure credit unions incurred no negative effects from the budget.” Budget tightening in other states resulted in higher taxes on credit unions and new provisions such as Wisconsin’s budget provision that makes it easier to switch credit union charters to bank charters. These incidents demonstrate the importance of keeping elected officials informed of credit unions’ role in the community, the league said.


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