League supports updates to the Linked Deposit rules
Published by: Sean Brown
November 1, 2023 | Regulatory
To remain relevant and competitive, Ohio’s credit unions must continue to seek out new, innovative ways to serve more than 3.2 million Ohioans regardless of economic, political, or regulatory pressures. That is why the League worked to update, and shape, the Treasurer of Ohio’s Linked Deposit program rules to not only include credit unions but to expand program offerings. The League, and a small group of credit unions, worked with the Treasurer’s Office to ensure any updates to the Linked Deposit program rules were well vetted and would allow credit unions full participation. Additionally, the League has submitted a letter in support of the proposed rules; if you wish to comment, you can find more information in the Ohio Register. All written comments are due Nov. 17, 2023.
These new rules, including the newest Linked Deposit programed aimed at home ownership, will go live on Jan. 1, 2024, and the first step in the process is for your financial institution to become an approved public depository. Act today to ensure your credit union is ready to offer members these valuable programs next year.
Contact Sean Brown for questions or assistance.
