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CU System
Ohio league lobbies to keep separate CU Council
COLUMBUS, Ohio (6/7/10)--The Ohio Credit Union League said it is lobbying to maintain a separate Credit Union Council in the state to keep the unique needs of credit unions in the forefront. Language to merge the state’s Credit Union Council, Banking Commission, and Savings and Loan and Savings Bank Board into a single Financial Consumer Council was not included in House Bill 495 when it passed out of the Ohio House of Representatives’ State Government Committee (eLumination Newsletter June 2). The league and others worked with representatives from the Ohio Department of Commerce to stress the need for maintaining the current system of three separate entities. Testifying for the league before the committee, General Counsel John Kozlowski said that while “it may appear that the … respective depositories may have many similarities, nothing could be further from the truth. While these depositories do fall under many of the same Federal Reserve regulation, each of the depositories have a different structure, purpose, regulation, laws and rules.” The committee amended the bill to maintain the independent depository boards, and the bill passed the House. It awaits passage in the Senate. The Credit Union Council, created in 1995, comprises six credit union officials from state-chartered credit unions and the Deputy Superintendent of Credit Unions. The council provides advice, makes recommendations on credit union laws and rules, and confirms the supervisory fees assessed to state-chartered credit unions annually.


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