COLUMBUS, Ohio (6/14/13)--Ohio state-chartered credit unions will see a reduction in their July assessment from the Ohio Division of Financial Institutions (ODFI) as a result of the state's Credit Union Council action last week.
"The assessment is our sole source of funding for examination and supervision functions," said Mike Wettrich, deputy superintendent for ODFI's credit union section. "Our credit unions expect us to be good stewards of their assessment. The decrease will bring the operating fund in line with our reserve goal of three-months' expenses."
The amount assessed to state chartereds for fiscal year 2014 will be $2,208,245, a decrease of $520,370--or 19% less than fiscal year 2013 (eLumination Newsletter (June 12).
The Credit Union Council, comprising six CEOs from across Ohio who are appointed by the governor, and chaired by Wettrich, voted to decrease the annual assessment--given that ODFI's credit union section has sufficient funds in reserve to cover any unanticipated expenses.