Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
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."
Other Resources

RSS print
News Now LiveWire
#NewsNow: Wal-Mart to issue EMV MasterCards within next few weeks. http://t.co/9csqwhFEdB
20 minutes ago
#UMich consumer confidence index bounces back in August http://t.co/LJ1l7mk4Ty
51 minutes ago
IPSOS survey: Canada's #creditunions top for member service 10th consecutive year @CanadianCentral http://t.co/dSipMd4qnz
1 hours ago
#NewsNow Home-state visits connect lawmakers, credit unions http://t.co/Ti7HdH9gFo
1 hours ago
#NewsNow: IOSCO head says the next major financial shock will come from a cyberattack. http://t.co/CrtMdYuTqY
1 hours ago