Credit Unions are protected in state budget proposal
Published by: Emily Leite
May 5, 2021 | Government Affairs
How the state government determines where local tax dollars go and to what effect can impact your credit union’s operations and future growth plans. That is why the League diligently monitors the two-year state budget process for any challenging policy proposals and takes any necessary action to protect your credit union’s ability to best serve its members. The Ohio House of Representatives recently passed House Bill 110, the state’s two-year $75 billion operating budget, by a 70-27 bi-partisan vote. The League kept a pulse on the language as it swiftly cleared the chamber, and while the budget avoided any major challenges to how you operate, following provisions were identified as possibly impacting credit union business priorities:
Eliminates the Office of Budget and Management’s ability to oversee the Credit Unions Fund, protecting state-chartered credit union assessment fees.
- Increases the initial registration and renewal fees for mortgage brokers, lenders, and servicers to $700, and increases the original license and renewal fees for mortgage loan originators to $200.
- Establishes an ownership income reporting requirement within the Ohio Department of Insurance for any joint venture title company.
With the Senate hearing process on the bill beginning over the next few weeks, the League will continue working in partnership with credit union leaders to advocate for the best budget outcome for your credit union.
Reach out to Chief Advocacy Officer Emily Leite for questions or reactions to the state budget proposal.
T: (614) 923-9770
C: (614) 581-8460
Contact Emily Leite for questions or assistance.