S.B. No. 292 Summary

• Allows federal credit unions, foreign credit unions, and state-chartered credit unions to become public depositories for state and local government funds, subject to the same 30% asset limitation as banks and savings institutions.

• Adds credit unions to the definition of eligible institutions that can receive public deposits under Ohio's public depository law (Chapter 135 of the Revised Code).

• Permits credit unions to participate in linked deposit programs for agricultural and business development purposes.

• Amends credit union law to allow them to act as public depositories consistent with public funds management requirements.

• Enacts new section 1733.051 authorizing credit unions to terminate member services for causes including fraud, losses to the credit union, or conduct detrimental to the institution.