COLUMBUS, Ohio (1/17/12)--The Ohio Division of Financial Institutions (ODFI) has finished its quinquennial review of the Ohio Administrative Rules for state-chartered credit unions and filed changes with the Legislative Services Commission, according to the Ohio Credit Union League.
The most significant changes, said the league in its eLumination Newsletter
(Jan. 11), include:
- Waivers or approvals for rules or authorities were tightened to include specific time frames that ODFI must meet or the requests are deemed approved;
- The "Investment" section would allow federally insured credit unions to participate in participation loans without prior approval from the National Credit Union Administration and ODFI, subject to the agency's approval of the ODFI regulation;
- A new merger rule establishes time frames for the ODFI to approve or disapprove a merger application; and
- The superintendent's authority was expanded to allow approval of less restrictive policies.
League General Counsel John Kozlowski worked with the ODFI on the revisions and will continue to encourage additional clarifications, the league said. A public hearing before the ODFI and Credit Union Council has been scheduled for Feb. 1.