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News Now

CU System
Public funds legislation introduced in Ohio
COLUMBUS, Ohio (10/28/09)--As expected, legislation was introduced Oct. 16 in the Ohio House of Representatives to allow Ohio credit unions to be eligible depositories for public funds under state law. House Bill 317, jointly sponsored by Majority Floor leader Tracy Heard (D-Columbus) and State Rep. Peter Ujvagi (D-Toledo) and 20 additional co-sponsors, would include credit unions as eligible depositories for the state, communities, schools and other public systems (InfoSight Compliance eNewsletter Oct. 26). The bill also would allow credit unions to participate in the Ohio Department of Development’s Minority Business Enterprises Program and Capital Loan Program for small businesses. Under the provisions of H.B. 317, members would have access to linked deposit programs from the Ohio Treasurer through their credit union. “The ability of credit unions to participate in these programs would benefit the citizens, businesses, communities and public entities in Ohio,” said John Koslowski, general counsel for the Ohio Credit Union League. This is the second time the league has tried to pass legislation so credit unions can accept public deposits. The last attempt was in 2004. The league wants to help credit unions accept public deposits because many local communities, schools, municipalities and townships have come to the state’s credit unions looking to do business, the league said (News Now Oct. 19).


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