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Ohio governor signs CU modernization act
COLUMBUS, Ohio (6/20/08)--Ohio Governor Ted Strickland signed a credit union modernization bill into law on June 11, according to the Ohio Credit Union League (OCUL). Senate Bill 247 updates regulations regarding state credit union operations, administration and governance. It will take effect Sept. 9 (eLumination Newsletter June 18). Under the new law, written ballot approval will no longer be required when a ballot is necessary, within guidelines. It also provides for record retention time periods and additional flexibility in credit union mergers. The law adds language similar to that of the federal law requiring criminal background checks for people with a substantial interest in or who participate in the management of a financial institution when there is a newer application, change in control, or supervisory action. It also reviews appointments based on asset size for the Ohio Credit Union Council with a member of a credit union less than $35 million and $50 million. League General Counsel John Koslowski told the newsletter that the league was pleased by the measure's bi-partisan support in the state legislature and by "the increased flexibility and ability credit unions will have to operate more efficiently so they can focus on serving their members."
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