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News Now

CU System
Chapter Promotes Public Deposits Bill to Ohio Legislators
COLUMBUS, Ohio (12/3/13)-Ohio credit union leaders continue to make their case for a state bill that would enable credit unions to serve as depositories for local and state funds.

On Nov. 18, the Miami Valley Chapter of the Ohio Credit Union League (OCUL) met with seven members of the Ohio General Assembly to discuss the Community Access and Local Government Choice Act (House Bill 221). Committee Chairman Terry Blair (R-Washington Township) attended the lunch in Dayton that included OCUL staff and representatives from local government agencies (eLumination Newsletter Nov. 26).

The next day, the Ohio House of Representatives' State and Local Government Committee held the first hearing on the bill, with testimony provided by co-sponsors Reps. Louis Terhar (R-Cincinnati) and Tracy Maxwell Heard (D-Columbus).

The bill supports credit unions' eligibility to participate in linked-deposit programs such as consumer-based savings (SaveNOW), small business loans (GrowNOW) and agricultural growth (Ag-Link).

House Bill 221 provides a choice for local governments and allows three million Ohio residents access to important deposit programs, said Patrick Harris, director of public affairs for the Ohio league.

For some rural Ohio counties, credit unions are the only financial institutions in their area, Harris told News Now. These counties want to deposit their funds in credit unions, he added.

The league is preparing proponent testimony, and Harris told News Now that "we have a better shot than ever to get it out of committee and out to the House floor."


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