OH HB221

Permits credit unions (federal, foreign, and state-chartered) to serve as public depositories for state and local government funds under Chapter 135 of the Revised Code, subject to the same deposit limits (30% of total assets) and pledging requirements as banks and savings institutions.

Allows credit unions to participate in the Development Services Agency's Capital Access Loan Program by adding credit unions to the definition of "financial institution" in the relevant statutes.

Establishes restrictions on credit union deposits: state officers generally cannot deposit public funds in credit unions except for linked deposit programs (with insurance and security pledges), though subdivisions may deposit funds if insured and within insurance limits.

Requires credit unions to obtain insurance from the National Credit Union Administration or a credit union share guaranty corporation to protect public deposits, and mandates pledging of eligible securities equal to uninsured portions of deposits.

Makes conforming amendments throughout Chapters 122, 135, and 1733 of the Revised Code to include credit unions alongside banks and savings institutions in public depository and loan program provisions.