Updated credit union rules take effect in Ohio

Nov. 29, 2018 -- Recently the Ohio Credit Union League and the Ohio Division of Financial Institutions collaborated to modernize the rules governing the state-chartered credit unions.  Notable changes include:

  • Removal of the 5% fixed-asset analysis;
  • Removal of a provision related to loan charge offs;
  • Ability to post financial statements online; and
  • Elimination of the permanent record-retention requirement.

In sum, 12 rules in the Code were substantively updated to reflect the current needs of credit union operations. The rules took effect Nov. 26.