Attempts by the Ohio Bankers League (OBL) to prohibit credit unions from using the verb “banking” in any promotional or marketing material have been squashed by Ohio Credit Union League.
“You never have to worry about legislation empowering banks over credit unions being snuck past you because all legislation introduced in the Ohio Statehouse and U.S. Congress, especially those backed by banker lobbyists, are scrutinized by the league and CUNA,” the Ohio league wrote to its members in its May 11 eLumination newsletter.
The language prohibition was included as part of Senate Bill 317, the OBL legislation modernizing the state charter for banks and thrifts.
Immediately upon introduction, the league’s advocacy team was successful in removing the language and acquired verbal confirmation from the OBL that it would remove provisions disqualifying those who have experience running a financial institution with private share insurance from having an oversight position in the Ohio Division of Financial Institutions.
Patrick Harris, vice president of government affairs for the Ohio league, said the OBL was up front about the language clause as the legislation was being drafted, but had assured Ohio credit union leaders that it would be left out of any proposed bill.
“We are working with the finance committee chair to ensure the process is in place to have that removed,” Harris said. “The banks have told us it was left in the legislation by mistake, but we have to do our due diligence to be sure credit unions are protected from the legislation.”