COLUMBUS, Ohio (7/12/13)--The Ohio Credit Union League has worked with State Rep. Lou Terhar (R-Cincinnati) and House Minority Leader Tracy Maxwell Heard (D-Columbus) to introduce state legislation that would permit credit unions as eligible depositories for public funds (House Bill 221).
Under the bill--which is important to many Ohio credit unions, the league said--credit unions also would be eligible to participate in programs and initiatives offered through the state and local governments, including GrowNow, SaveNow, and the Small Business Collateral Enhancement Program (e-Lumination Newsletter July 10).
There currently are 15 co-sponsors--eight Republicans and seven Democrats--in addition to the two joint sponsors. The bill has been referred to the House State & Local Government Committee, said the league.
The league is again working with county commissioners and township trustees, who supported a previous bill, to convey the need and validity of the legislation.
Several other states allow credit unions to accept public deposits or have considered or are considering legislation. They include California, Illinois, Missouri, New Jersey, New York, Oregon and Washington.