Ohio league tracking 'lame duck' legislation with CU impact
COLUMBUS, Ohio (12/8/14)--As the Ohio General Assembly nears the end of its session on Dec. 18, it will be considering some bills that the Ohio Credit Union League is monitoring for their effects on credit unions.
"It is important to not only push pro-credit union legislation, but to share how legislation impacting financial services helps or hurts credit unions' service to members," said Patrick Harris, league director of legislative affairs (eLumination Dec. 3).
During the "lame duck" session, the league advocacy team is watching the following legislation:
- H.B. 223, which expedites the foreclosure process for blighted and abandoned properties. This could save credit unions on costs related to lengthy foreclosures, which sometimes last more than two years. The bill is awaiting approval from the Senate Finance Committee after passing the House;
- H.B. 573, which provides guidelines for demand letters seeking to alert entities such as credit unions of patent infringement. The intent of the legislation is to ensure that letters are not sent "in bad faith," a tool used by some to receive a settlement payment as part of a practice called patent trolling. The bill is under consideration in the House Judiciary Committee; and
- H.B. 652, which updates the Ohio Revised Code regarding the operation of a share guaranty corporation or American Share Insurance (ASI). The updates include allowing ASI parity with the insurance deposit limit, special assessment approval process and prompt corrective action authority. The bill has passed both the House and the Senate and awaits final approval by Gov. John Kasich.