Ohio credit unions by the numbers
- 267 credit unions
- 3,002,016 members
- More than 7,500 Ohioans employed
- Total Assets > $30B
- Total Loans >$21B
- Avg. Asset Size ~$116M
- 614 Branches
- Avg. Member Relationship 15,500
As not-for-profit, member-owned financial institutions, Ohio’s 267 credit unions have a special mission to serve their community rather than investors. This means more than three million Ohioans own a piece of the pie through higher savings returns, lower loan rates, and fewer fees. That’s the credit union difference.
Field of Membership
Credit unions are focused on serving a common field of membership, based around characteristics such as an employer or industry, membership in an organization, or the member’s community. Every person in Ohio is eligible to join a credit union, it is just a matter of choosing the credit union that is right for them.
Every Ohio credit union is owned by its members and is democratically governed by an elected board of directors who are also members of the credit union. This cooperative structure sets credit unions apart from for-profit financial institutions and has earned credit unions a federal tax exemption, which is an important part of helping credit unions remain focused on community support and member enrichment.
Congress should promote the credit union difference by empowering Ohio credit unions to further serve the unique financial needs of our diverse constituents and communities.
Consumer Privacy and Data Security
Establishing a national set of security and data standards, like those under the Gramm-Leach-Bliley Act, is imperative to reducing the frequency of data breaches that expose the personal information of millions of Americans. Enforceable standards would incentivize businesses to upgrade their internal networks to prevent litigation. Enhanced security standards would also make it harder for criminals to extract and sell personal information.
- No national standard on data privacy or cybersecurity exists
- Since 2005, 10,000 data breaches and 11.6 billion records have been exposed
- Financial institutions have routine IT examinations and are limited on how they share consumer information; non-financial institutions who hold similar information should be held to the same standards
To secure the data and protect the privacy of Americans, Congress needs to pass legislation implementing national consumer protection standards.
H.R. 388, Bank Secrecy Act Reform
Credit unions, and other financial institutions, are deputized to act as law enforcement for the purposes of helping to identify financial crimes. It is impractical for credit unions and other financial institutions to act as an arm of law enforcement. Thus, Congress should recognize that credit union’s primary mission is to serve their members and reform strict reporting requirements within the Bank Secrecy Act (BSA).
Why H.R. 388 is Needed?
BSA compliance burdens have increased significantly with the implementation of the Customer Due Diligence (CDD) rule. Credit unions are not equipped to undertake investigative efforts required by rule; hence why reform is needed. While, H.R. 388 is a narrow version of a similar bill introduced last year (H.R. 6068), it would reduce the regulatory burden by:
- Raising the currency transaction reporting thresholds (CTR) from $10,000 to $30,000.
- Increasing SAR thresholds to $5,000- $10,000 (up from $2,000 and $5,000).
Members of Financial Services Committee: Favorably report H.R. 388 out of committee. Members NOT on Committee: Please co-sponsor H.R. 388.