CREDIT
UNIONS
The Division of Financial
Institutions regulates state-chartered credit unions in Ohio pursuant
to Chapter 1733. of the Ohio Revised Code.
CHARTERING
Seven or more natural persons, a majority of whom must be Ohio citizens,
wishing to incorporate and obtain a charter for a credit union in Ohio
must submit executed articles of incorporation, code of regulations,
statutory agent, and fee for the Secretary of State. Within thirty days,
the Division will review the charter application and file the articles
if the documents contain all of the provisions required by statute.
Credit unions are required to be insured by either the National Credit
Union Association or a credit union guaranty corporation.
Credit unions pay a supervisory fee based on asset size. New branch
locations, change of control, and many other business activities must
be pre-approved by the Division.
COMPLIANCE
State-chartered credit unions are subject to a variety of state statutes
and regulations governing their operations and operations of subsidiaries.
These range from specific limitations on investments and loan policies
to ongoing capital requirements and director/officer responsibilities.
Credit unions are subject to periodic safety and soundness examinations,
which include reviews of policies, controls, and activities. Credit
union examination information is privileged and confidential and may
not be disclosed unless the Division takes administrative action or
the matter involves a criminal investigation.
Additionally, no person may conduct business in this state using the
words "credit union" in its name without the permission of
the Division or conduct business in this state as a credit union without
being properly chartered.
Credit
Union Newsletter
Issue
2 - February 2008
Issue
1 - October 2007
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