State budget process coming to an end
Published by: Jared Weiser
June 14, 2023 | Government Affairs
How state government determines where to spend tax dollars 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 process is quickly coming to a close ahead of the constitutionally-required June 30, 2023 deadline for Governor DeWine to sign the bill. On Wednesday afternoon, the Ohio Senate released its omnibus amendment, which includes thousands of pages of changes. This is the last batch of changes before the bill is voted out of the Ohio Senate. After that, the bill will likely go to a conference committee where the House and Senate will reconcile their differences.
Key takeaways:
- No language that would jeopardize the credit union model.
- Treasurer of State modernization language that allows credit unions to access the Eco-link program (now called the Home Improvement Linked Deposit Program).
- The Senate ultimately retained the House-passed language creating a Homeownership Savings Linked Deposit Program. Credit unions will have access to this program.
- Troublesome language allowing land banks to take a property from a winning bidder at auction was removed.
- The Senate removed House-passed language allowing credit unions to access the Ohio Capital Access Program (OCAP).
- No language was included addressing the recently-passed auto title language that would be a compliance nightmare for auto lenders.
The League has already begun working with members of the Conference Committee to address the last two items. Credit unions are in a very strong position after the Senate’s changes to the budget, and we will continue advocating on your behalf every step of the way.
Contact Jared Weiser for questions or assistance.
