2024 advocacy yielded wins for Ohio credit unions
Published by: Jared Weiser
January 7, 2025 | Government Affairs
Your membership with the Ohio Credit Union League fuels our commitment to providing on-point advocacy that protects and advances Ohio credit unions and the 3.3 million members served. But we couldn’t do it without your partnership.
Together, we navigated thorny political challenges and a tight legislative calendar to achieve numerous impactful results:
State Legislative Achievements
Linked Deposit Programs
- Launched the Ohio Homebuyer Plus Savings Program, with credit unions opening 2,364 accounts for $236 million in public funds deposited.
- Expanded access to all Linked Deposit programs, including the upcoming Home Improvement Linked Deposit Program (Q1 2025).
- Enabled military families across Ohio to save for homes through program changes (SB 257).
Modernization Legislation (SB 94)
- Streamlined electronic recording and filing capabilities in all 88 Ohio counties, improving member service.
- Simplified auto title processes, removing the need for consumer title choice at payoff.
- Mandated law enforcement to notify lienholders when vehicles are towed, enhancing communication and safeguarding member interests.
Firearms MCC Legislation (SB 148)
- Reduced penalties and clarified that financial institutions do not control MCC usage.
Anti-ESG Legislation (HB 4)
- Blocked burdensome ESG reporting regulations for credit unions.
Lienholder Towing Fees (HB 403)
- Eliminated lienholder liability for disputed towing costs, averting potential legal risks for credit unions.
Credit Union Council Continuation (HB 238)
- Secured reauthorization of the Credit Union Council through 2028, ensuring continued regulatory input and advocacy for state-chartered credit unions.
Federal Legislative Achievements
- Prevented the passage of the Credit Card Competition Act (CCCA), safeguarding non-interest revenue streams.
- Blocked overly broad NCUA Third-Party Vendor Authority (TPVA) proposals.
- Stopped changes to the Electronic Funds Transfer Act (EFTA) that could have imposed fraud costs on credit unions.
- Prevented implementation of a Central Bank Digital Currency (CBDC), preserving the role of depository institutions in the financial system.
These victories reflect our shared commitment to protecting and advancing credit unions. Thank you for your support, which fuels these achievements. Together, we’re strengthening Ohio’s credit unions for the members and communities they serve.
There’s even more to accomplish in 2025, and your involvement remains vital. Join us on Jan. 22 for a virtual workshop on credit union advocacy to learn how you can drive impact this year. Register today!
