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News Now

CU System
Ohio budget cuts affect CU regulator
COLUMBUS, Ohio (3/30/11)--Ohio's recently unveiled budget package has reduced funding for the Department of Commerce and the Ohio Division of Financial Institutions (ODFI), which supervises state-chartered credit unions, according to the Ohio Credit Union League. The two-year package was announced by Gov. John Kasich (eLumination Newsletter March 23). It allocates $729.7 million for the Department of Commerce during fiscal year 2012--a 4.9% decrease from the department's 2011 budget. That decrease stems from plans to move the state's liquor merchandising program to JobsOhio. Funding for ODFI dropped 9.7%--to $18.99 million, said the league. The budget includes a 4.9% decrease in the credit union fund for 2012 but no decline in 2013. The ODFI's banking section declined 1.7% in 2012 and 4.1% in 2013. The ODFI's administration will also see a decrease for both years. The league said the figures will become clearer when the actual budget bill language is introduced. Overall, the state cut $2.3 billion from 250 line items, but spent more in its general revenue funds than the current package. Kasich's announcement said the biennium package closes an $8 billion gap while preserving an $800 million two-year income tax cut that went into effect Jan. 1. The budget provides $34 million in job-creating tax incentives, pursues major reforms and reduces spending, the governor said.


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