COLUMBUS, Ohio—An Ohio bankers group has failed in its attempt to prohibit credit unions in this state from using the verb “banking” in any promotional or marketing material.
The language was included as part of Senate Bill 317, the Ohio Bankers League’s (OBL) legislation modernizing the state charter for banks and thrifts.
The Ohio CU League said it moved as soon as the bill was introduced, and its advocacy team was successful in removing the language and acquired verbal confirmation from the OBL, as well as 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.
“As Senate Bill 317 moves through the legislative process, the league will continue to ensure credit unions are not put at a competitive disadvantage by our banking counterparts,” the OCUL stated.