COLUMBUS, Ohio (12/30/13)--Local municipalities and government entities want to be able to make deposits to credit unions, Ohio credit unions told key state lawmakers recently.
The Ohio Credit Union League coordinated meetings between credit unions and key members of the Ohio General Assembly as part of the push to make credit unions eligible to receive public funds deposits, said the league (eLumination Newsletter Dec. 27). The league is backing House Bill 221, which would allow credit unions to accept such deposits.
Dynamic FCU CEO Diane Rodriguez told House Assistant Majority Whip Jim Buchy (R-Greenville) that her credit union has been approached frequently by local government entities. "Unfortunately, as we have had to turn them down, the phone calls are getting fewer," she said. Rodriguez also explained that her credit union recently provided a small business loan to an unemployed member and helped another member save his home, said the league.
Also, Defiance-based Midwest Community CU hosted Rep. Tony Burkley (R-Payne) and asked for his support for HB 221. Burkley is a member of the State and Local Government Committee, which is considering the bill.
Other states that have laws on the books or are considering legislation to allow credit unions to accept public deposits include California, Illinois, Missouri, New Jersey, New York, Oregon and Washington.