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News Now

CU System
State senator testifies on need for Ohio CU legislation
COLUMBUS, Ohio (12/21/07)--Testimony on credit union modernization legislation in Ohio, Senate Bill 247, was conducted Dec. 13. Bill sponsor State Sen. Bob Spada (R-North Royalton) testified before the Ohio Senate Finance and Financial Institutions Committee (eLuminations Newsletter Dec. 19). Spada said the bill is intended “to help Ohio’s credit unions in their operations, administration and governance to better serve their members and communities.” Bill provisions relate to operational issues such as record keeping, ballots, payable-on- death accounts, merger requirements, and representation requirements for the Ohio Credit Union Council, an advisory group with the state’s regulatory agency. “These changes are based on issues raised this year by credit union officials, league staff, and the Ohio Division of Financial Institutions,” said John Kozlowski, general counsel at the Ohio Credit Union League. The committee is expected to hear further testimony when the state’s General Assembly returns from recess in January.


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