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CU System
Public funds bill for CUs introduced in Ohio
COLUMBUS (2/10/12)--Legislation that would allow credit unions to become eligible depositories for public funds was introduced Tuesday in the Ohio Senate, according to the Ohio Credit Union League.

"The legislation was introduced in response to many public officials' request to have community credit unions as a choice in public depositories," said John Kozlowski league general counsel (eLumination Newsletter Feb. 8).

Jointly-sponsored by State Sens. Scott Oeslager (R-North Canton) and Eric Kearney (D-Cincinnati), Senate Bill 292 will provide Ohio's schools, local governments, communities and businesses with greater choice by removing a current restrictive state mandate preventing them from using community-based credit unions as public depositories, the league said.

Similar companion legislation, House Bill 441, was introduced in the Ohio House of Representatives, co-sponsored by State Reps. Terry Blair (R-Washington Township) and Tracy Maxwell Heard (D-Columbus).

The league said it will soon issue a call to action to build support for the legislation.


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