Recapping 2021 Ohio advocacy victories; looking toward 2022 progress
Published by: Jared Weiser
December 15, 2021 | Political Action
This year was a busy year fighting for the Credit Union Movement, and the League has been steadfast in support of policies that allow you to focus on doing what you do best: serving your more than three million members. With year-end insight, we want to highlight just a few of the League legislative victories and review big-picture advocacy initiatives set for 2022.
In 2021…
- IRS Reporting Proposal was a full-court press against a misguided policy requiring financial institutions to report specific account inflows and outflows to the IRS. Thankfully, due to roughly 5,000 credit unions sending nearly 900,000 messages to Congress, that reporting requirement was removed from the bill.
- Senate Bill 1 establishes financial literacy as a mandatory Ohio high school graduation requirement. As trusted financial literacy partners, Ohio credit unions are empowered through the bill to partner with local school districts in developing and implementing the curriculum.
- House Bill 133 was a comprehensive regulatory relief bill that helps credit unions better meet unique member challenges through flexible service for borrowers challenged by the current economy, member business loan pricing parity within state linked-deposit programs, and modernized paper check printing requirements.
As we move into 2022, the League remains laser-focused on helping credit unions grow and serve their membership by reducing regulatory burdens, expanding authorities, ensuring data security, and preventing any threats to the not-for-profit structure.
- Expand authorities so consumers and businesses can more easily access credit union services they need and expect.
- Explore opportunities for credit unions to serve their local footprint by accepting community funds.
- Strengthen data security to protect credit union members from cyber-attacks and data breaches.
- Reduce regulatory burdens so credit union members have access to efficient and affordable services.
- Combat tax threats so all credit union members can continue to benefit from our not-for-profit financial services.
If you would like more information about League advocacy initiatives, please contact Legislative Affairs Director Jared Weiser.
