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OH SB390
Bill
Status
11/19/2014
Primary Sponsor
Jim Hughes
Click for details
AI Summary
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Modifies license renewal dates for credit union share guaranty corporations from anniversary dates to on or before June 30 annually.
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Allows corporations to advance funds to participating credit unions to meet liquidity requirements, regulatory capital requirements, or both.
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Establishes special premium assessments that corporations may levy on participating credit unions when the guarantee fund experiences or is expected to experience a net loss, with superintendent approval.
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Permits corporations to declare and pay cash dividends to participating credit unions that have paid special premium assessments, with dividend amounts proportional to assessments paid.
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Increases the primary guaranteed amount cap to match or exceed the amount insured by the National Credit Union Administration, whichever is greater, while maintaining a $250,000 minimum.
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Authorizes corporations to enter into written corrective action agreements with participating credit unions and invest in federal home loan bank common stock to maintain credit lines.
Legislative Description
Relative to the operation of credit union share guaranty corporations, including with respect to the primary guaranteed amount, license renewals, reinsurance and lines of credit, corrective action agreements with participating credit unions, special premium assessments, and investments.
Credit union share guaranty corporations- operation of
Last Action
To Insurance & Financial Institutions
11/19/2014