State Treasurer opens new public deposit program to credit unions and homeowners
Published by: Jared Weiser
September 6, 2023 | Government Affairs
Expanding credit union access to state programs is crucial to serving over 3.2 million Ohioans. Linked deposit programs allow the state to partner with credit unions to offer members the best possible interest and savings rates. The Ohio Treasurer uses linked-deposit programs to deposit state investment dollars with a lending institution at a below-market rate of return. The institution then agrees to pass the savings on to the borrower through a lower interest rate. As a result of relentless League advocacy, credit unions now have access to all linked deposit programs, including the new Homeownership Savings linked deposit program. This new program 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.
