Ohio General Assembly fall preview
Published by: Jared Weiser
September 22, 2021 | Government Affairs
The Ohio Legislature is back after their summer recess, ready to tackle a host of important issues, including multiple bills impacting credit unions. Just like your credit union, the League is hard at work to ensure a successful end to 2021 and is focused on promoting and protecting credit union interests at the Statehouse. Here are just a few of the credit union priority bills working their way through the Ohio General Assembly:
House Bill 116 – the Ohio Computer Crimes Act. Currently pending before the Ohio House Criminal Justice Committee, the Ohio Computer Crimes Act was reintroduced earlier this General Assembly after stalling in the Senate late last year. This bill would modernize state law regarding cybercrimes and provide law enforcement with more tools to prosecute attempted data breaches by adding new types of cybercrimes to the books, such as computer trespassing, unauthorized data disclosure, and unauthorized computer use.
Senate Bill 24 & House Bill 186 – the First-time Home Buyer Savings Act. Another reintroduction from the last General Assembly, this legislation would create an income tax deduction opportunity for an individual or couple who opens a “first-time homebuyers savings account” at a preferred financial institution, as obtaining homeownership continues to be a challenge for many Ohioans. This Act would enable Ohio credit unions to help address the problem of affordable housing by offering and promoting the first-time home buyer’s savings account to current and prospective members. Each bill is currently pending before their respective Ways & Means Committee.
House Bill 376 – the Ohio Personal Privacy Act. This bill would require businesses of a certain size to provide consumers with fundamental data privacy rights. Most importantly, this legislation contains an exemption for a financial institution governed by Title V of the federal Gramm Leach-Bliley Act (GLBA). Credit unions already go above and beyond in protecting consumer data, so the League will advocate for maintaining this exemption. House Bill 376 was introduced in the Ohio House on July 12, 2021.
Senate Bill 1 – Financial Literacy. The last outstanding priority bill that was a reintroduction, this proposal will establish Financial Literacy as a key curriculum building block for Ohio’s primary education entities. Senate Bill 1 will better prepare students for their future adult lives by providing the foundation necessary to build strong money habits early on and avoid future mistakes that can lead to lifelong financial struggles. The bill unanimously passed the Ohio Senate 32-0 on May 12, 2021, and is currently pending before Ohio House Primary and Secondary Education Committee. When the time comes for legislative action, you can help us secure passage of these critical issues by taking a few moments to contact your Ohio legislators through VoterVoice.
For more information on these or other legislative initiatives, please contact Director of Legislative Affairs, Jared Weiser.
Contact Jared Weiser for questions or assistance.
