Credit union priorities achieved in state budget
Published by: Jared Weiser
July 12, 2023 | Government Affairs
The League is committed to leading the advocacy charge for Ohio credit unions, promoting and protecting financial cooperatives through relentless representation before state and federal lawmakers. This commitment is supercharged during the Ohio General Assembly’s biennial budget process. Governor DeWine’s signature on July 3, 2023, was the final step in the months-long process. Here’s the good, the disappointing, and the next steps.
Good:
- No language jeopardizes the credit union model or adds operational compliance barriers.
- Treasurer of State modernization language allows credit unions to access the Eco-link program (now called the Home Improvement Linked Deposit Program).
- The budget creates a Homeownership Savings Linked Deposit Program and permits credit union access.
Disappointing:
- The recently-passed auto title language that allows consumers to choose whether to receive the certificate of title physically or electronically remains.
- Credit union access to the Ohio Capital Access Program (OCAP) was not included.
Next Steps:
The League met with the Ohio Department of Public Safety to learn how members may comply with the auto-title language. Until a legislative fix can be accomplished, the department recommends credit unions do their best to comply with the law and contact legal counsel for assistance in doing so.
While not all of our legislative goals were accomplished, there is still much to celebrate in this budget. Moving forward, Ohio credit unions will now have full access to all state linked-deposit programs. That means you can leverage state public deposits to impact the people, families, and communities you serve. And that is what credit unions deserve and your members need.
