reglab/statecodes huggingface dataset:
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-09 - Dividends

Current through all regulations passed and filed through July 1, 2024
(A) The
			 board of directors may approve payment of dividends on shares from current
			 earnings only. No dividend may be declared or paid unless the credit union
			 
								is in full compliance with
								 section
			 1733.31 of the Revised Code.
			 However, the superintendent may permit the payment of dividends from undivided
			 earnings upon written request submitted to the superintendent, subject to a
			 plan of corrective action.
(B)
			 Requests for approval of payment of dividends from undivided earnings by the
			 superintendent shall be made at least ten business days before the end of the
			 quarter, unless the credit union is under a supervisory agreement. When the
			 credit union is under a supervisory agreement, the terms of the supervisory
			 agreement shall take precedence. All requests for approval for payment of
			 dividends shall be made on a form prescribed by the superintendent. The
			 superintendent will approve or deny the request within five business days of
			 receiving the request. If the superintendent does not approve or deny the
			 request within five business days the request is deemed approved.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-10 - Impairment

Current through all regulations passed and filed through July 1, 2024
(A) A
			 condition of impairment 
			 exists if the difference between total assets
			 minus current and long-term liabilities (not including shares) is less than the
			 total amount of all share accounts. Impairment also exists when a member's
			 written intention to withdraw their shares cannot be met.
(B) Whenever it is determined that there
			 exists an impairment, the board of directors shall notify the superintendent of
			 such conditions and if the superintendent deems
			 necessary,
								 disclose
			 the impairment to all account holders.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-12 - Reimbursement to credit unions for assembling or providing financial records

Current through all regulations passed and filed through July 1, 2024
(A)
			 Except as provided in this rule or in section
			 9.02 of the Revised Code, any
			 party, including a governmental authority, that requires or requests a credit
			 union to assemble or provide a customer's financial records shall pay the
			 credit union for all actual and necessary costs directly incurred in searching
			 for, reproducing, or transporting these records, if the financial institution
			 is not a party to the investigation, action, or proceeding, is not a subject of
			 supervisory review in the investigation, action, or proceeding, or is a party
			 to the investigation, action, or proceeding solely by reason of its holding of
			 assets of another party defendant, with no cause of action alleged against the
			 financial institution, in accordance with the schedule set forth in
			 12 C.F.R.
			 219.3, as in effect on
			 
								July 19, 2023.
(B) A credit union is not entitled to
			 reimbursement under this rule for costs incurred in assembling or providing the
			 following records or information:
(1) Security
			 interest, bankruptcy claims, and debt collection. Any financial records
			 provided as an incident to perfecting a security interest, proving a claim in
			 bankruptcy, or otherwise collecting on a debt owing to the credit
			 union.
(2) Nonidentifiable
			 information. Financial records that are not identified with or identifiable as
			 being derived from the financial records of a particular customer.
(3) Records or information requested by the
			 superintendent.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-13 - Compensation

Current through all regulations passed and filed through July 1, 2024
(A) As a
			 fiduciary a director:
(1) Shall act for the
			 benefit of the credit union;
(2)
			 Has a duty not to profit at the expense of the credit union;
(3) Has a duty not to compete without the
			 consent of the credit union;
(4)
			 Has a duty to make full disclosure to, and to operate fairly when engaged in
			 transactions with, the credit union;
(5) Must avoid all but arms-length
			 transactions.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-15 - Depreciation and amortization

Current through all regulations passed and filed through July 1, 2024
The term "depreciation" means the
				systematic allocation of the cost of an asset to expense over the accounting
				periods making up the asset's useful life according to GAAP.
Effective: 11/26/2018
Five Year
				Review (FYR) Dates: 9/10/2018 and
				11/24/2023
Promulgated
				Under: 119.03
Statutory
				Authority: 1733.41
Rule
				Amplifies: 1733.04
Prior
				Effective Dates: 2/11/88, 8/3/93, 7/1/06,
				3/22/12
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-16 - Field of membership

Current through all regulations passed and filed through July 1, 2024
(A) The
			 field of membership of a credit union may include the families of members; that
			 is, persons related by blood, adoption or marriage to or living in the same
			 household with a person having the common bond, as well as surviving spouses of
			 persons who have left the field of membership in good standing. When the
			 individual member of a credit union leaves the field of membership, all persons
			 who are members by virtue of his or her membership may continue as
			 members.
(B) A credit union may
			 expand its field of membership through the submission of an application to the
			 superintendent to add select groups having a common bond of occupation or
			 association or groups within a well-defined neighborhood, community or rural
			 district. Groups may be found to exist within a well-defined neighborhood,
			 community or rural district, for purposes of this rule, on the basis of the
			 geographic location of the person's residence, property, worship, school
			 attendance, or employment. "Well-defined" means the proposed area has specific
			 geographical boundaries, including a political subdivision of the state, or a
			 clearly definable neighborhood.
(C)
			 In its application to expand its field of membership, the applicant credit
			 union shall submit to the superintendent the following:
(1) The articles of incorporation and, if
			 appropriate, the code of regulations of the applicant credit union which
			 authorize expansion of the field of membership to include the proposed
			 group;
(2) A specific description
			 of the group to be added, including the approximate number of persons in the group, the
			 potential membership size of the group, the dispersion of the group, and the
			 general characteristics of the sponsor of the group, if any;
(3) Evidence that the group is within the
			 operational area of the home office or a service facility of the applicant
			 credit union or the applicant credit union provides evidence of one or more of
			 the following:
(a) The associational or
			 occupational group has
										
										expressed
			 its desire to obtain the credit union's services;
(b) The credit union has or will have the
			 means to service the group;
(c) The
			 majority of the potential new members can regularly access the credit union's
			 services; or
(d) The credit union
			 meets any additional conditions or considerations the superintendent may deem
			 reasonable for approval of the credit union's application.
(4)
			 Evidence demonstrating the credit union is financially and organizationally
			 sound to provide credit union service to the group;
(5) Certification of
			 the applicant credit union vote to approve extension of membership services to
			 the group; and
(6) Any other
			 information the superintendent requires.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-18 - Disaffiliation or dual membership

Current through all regulations passed and filed through July 1, 2024
(A) Definitions
(1) The term "group" for the purposes of this
			 rule means a "select group"
									 as described in division (D)(1) of
			 section 1733.05 of the Revised
			 Code
									;
									
									however, for the purpose of a vote to disaffiliate
			 group membership, the term "group"
									
									does
			 not include a member who acquires his or her
			 "common bond" for member status through familial relationship.
(2) "Original credit union" for the purposes
			 of this rule  means the credit union from which the group intends to
			 disaffiliate.
(3) "Applicant credit
			 union" for the purposes of this rule 
			 means the credit union with which the group
			 intends to affiliate.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-19 - Criteria for charter approval

Current through all regulations passed and filed through July 1, 2024
In addition to the requirements set forth in sections
				1733.041,
				1733.07,
				1733.23 and
				1733.47 of the Revised Code the
				incorporators shall submit to the superintendent along with the articles of
				incorporation and the code of regulations of the proposed credit union:
Evidence of a common bond and the number of potential members
				in the field of membership, as well as their stability of employment or
				association in the common bond group and the economic characteristics
				thereof;
Evidence of the character and fitness of the proposed
				incorporators,
								
								including proof of
				management experience and bondability;
Evidence of availability of credit union services to potential
				members and geographic dispersion of members;
The economic advisability of the establishment of the proposed
				credit union,
								
								including but not be
				limited to: three years forecast of financial performance and a business plan
				that supports a level of capital deemed to be appropriate by the superintendent
				which includes proposed operating policies; and
Any other information the superintendent determines is
				necessary.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-20 - Loan authority

Current through all regulations passed and filed through July 1, 2024
(A) No
			 credit union shall loan, directly or indirectly, to any member or other credit
			 union more than ten per cent of its shares and undivided earnings. Fully share
			 secured loans are exempt from the ten per cent limitation. A credit union may
			 request in writing a waiver from the superintendent of this limit subject to a
			 plan of participation. Within twenty business days from receiving the waiver
			 request the superintendent will either grant or deny the request. If the
			 superintendent does not respond within twenty business days after the filing of
			 the waiver request, it shall be deemed approved.
(B)
								
								The superintendent,
			 in his or her discretion, may request that all
			 loans made to the credit union as a corporation  be reported quarterly to the superintendent
			 by the borrowing credit union and that such report
			 include
			 the following information: name of borrowing credit union, name of lender, date
			 of loan, repayment schedule, amount of loan and the aggregate total of notes
			 payable to each source.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-21 - First-lien residential real estate loans and refinancing

Current through all regulations passed and filed through July 1, 2024
(A)
								For purposes of
			 this rule, "first-lien residential real estate loan" has the same meaning as in
			 12 C.F.R.
			 702.2, as in effect on November 1,
			 2023.
(B)
								For
			 purposes of this rule, a "non-conforming loan" means a loan which the credit
			 union knows or has a reasonable basis to conclude is not eligible to be sold to
			 either the Federal Naional Mortgage Association (Fannie Mae) or the Federal
			 Home Loan Mortgage Corporation (Freddie Mac).
(C)
								For purposes of
			 this rule, a credit union has "a reasonable basis to conclude" a loan is not
			 eligible to be sold to Fannie Mae or Freddie Mac if either of the
			 following:
(1)
									The loan is in an amount that is greater than the
			 corresponding baseline conforming loan limit established by the Federal Housing
			 Finance Agency;
(2)
									The loan fails to satisfy any eligibility criteria
			 specifically identified, in writing, by the superintendent.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-22 - Real estate construction loans

Current through all regulations passed and filed through July 1, 2024
(A) "Construction loans" are loans made for
			 the purpose of building on vacant land or construction additions to existing
			 structures. Because the incomplete structure and the land represent the
			 security for the loan, funds are disbursed in installments as work progresses.
			 One of three methods, or variants thereof, are used to ensure a lien free, and
			 an adequately collateralized loan throughout construction. These three basic
			 methods are:
(1) Progress payment, also
			 referred to as a draw plan. Under this method, payment
			 stages are stipulated or specified in the construction loan agreement,
			 and portions of the loan proceeds are disbursed to the borrower or
			 general contractor when construction reaches certain stages of completion.
			  This method provides the least protection to the
			 credit union since frequently no information is obtained as to whether the
			 borrower or general contractor is compensating the subcontractors and
			 materialmen;
(2) Voucher method,
			 under which construction fund payments are usually made directly to the
			 subcontractors and materialmen by the credit union. Payments are made on the
			 basis of vouchers, supported by valid and enforceable
			 lien waivers, that are signed by the borrower, general contractor or
			 other persons authorized in the construction loan agreement.
			  Under this method some credit unions hold back a percentage
			 of the payments and disburse these funds at some predetermined time following
			 completion of construction; and
(3)
			 Title insurance method, under which a title company assumes responsibility for
			 making construction disbursements and for obtaining the necessary assurance of
			 an unencumbered first lien position for the lender. An updated title insurance
			 policy is issued with each disbursement, insuring the lender to the full amount
			 of the construction disbursements to date. It remains the credit union's
			 responsibility to ensure, through construction inspections, that work is
			 progressing in accordance with plans and specifications.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-24 - Member business loans

Current through all regulations passed and filed through July 1, 2024
(A) A "member business loan" is defined as
			 any loan, line of credit or letter of credit which will be used for commercial,
			 corporate, business, investment property or venture, or agricultural purpose.
			 Exceptions to this definition are:
(1) Loans
			 fully secured by a lien on 
									a one-to-four-family
			 dwelling;
(2) Loans fully secured
			 by shares in the credit union or deposits in other financial
			 institutions;
(3) Aggregated member
			 business loans to a member or an associated member for less than fifty thousand
			 dollars;
(4) Loans fully insured or
			 guaranteed by the federal, state, or local government, including its political
			 subdivisions or by an agency of the federal, state, or local government;
			 and
(5) Loans granted by a
			 corporate credit union to another credit union, a credit union to another
			 credit union, or a credit union to a credit union service organization(s).
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-25 - Purchase of fixed assets or purchase of real estate and/or construction of an office building

Current through all regulations passed and filed through July 1, 2024
(A) As
			 used in this rule:
(1) "Fixed assets" means
			 any premises, furniture, fixtures, and equipment.
(2) "Furniture, fixtures, and equipment"
			 include all office furnishings, office machines, computer hardware and
			 software, automated terminals, heating and cooling equipment and
			 machinery.
(3) "Premises" includes
			 any parking lot, office, branch office, service facility as defined in rule
			 1301:9-1-01 of the
			 Administrative Code, other facility, or real estate where the credit union
			 transacts or will transact business.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-26 - Service fees

Current through all regulations passed and filed through July 1, 2024
A credit union may, by resolution of the board of
				directors, assess reasonable fees or service charges if such charges or fees
				are disclosed to the membership prior to assessment.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-27 - Interest rebate

Current through all regulations passed and filed through July 1, 2024
The board of directors may authorize the payment of an interest
				rebate on loan accounts, upon
				 reasonable terms,
								
								if
(A) The board of directors
			  authorizes the method of computation, payment and
			 qualifications for participation in such rebate; and
(B) Any rebate of interest
			 
								is
			 recorded as a reduction of the loan interest for the accounting period to which
			 it applies.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-28 - Credit card programs

Current through all regulations passed and filed through July 1, 2024
A credit union
				
								may enter a
				credit card lending program if, prior to entering, the credit union
								
								files
				with the superintendent:
(i) a certification by the board of directors
			 that the implementation of a credit card lending program will not negatively
			 affect the operations of the credit union on a long-term basis
								and
(ii) a credit card lending program policy
			  At a minimum the
			 policy should address: the aggregate limit for the program, as a percentage, in
			 relation to the credit union's net worth; a method for funding the program; a
			 description of the collection procedures specific to credit card lending; and
			 the lending guidelines which include a limit of aggregate unsecured credit, as
			 a per cent of the member's gross income to qualify for a loan. The
			 superintendent shall notify the credit union not more than ten business days
			 after the filing of the certification and policy whether it is denied,
			 approved, or needs modification. If the superintendent does not respond within
			 ten business days after the filing of the certification and policy, it shall be
			 deemed approved; unless, the superintendent notifies the credit union in
			 writing within ten business days of the credit union's request being filed that
			 additional documentation or information is
			 
								being
			 requested. If additional documentation is 
								requested,
			 the credit union shall have thirty days to file the additional documentation
			 with the superintendent. If the superintendent does not respond within ten
			 business days of the receipt of the additional documentation, the policy is
			 deemed approved.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-30 - Shares and share drafts

Current through all regulations passed and filed through July 1, 2024
(A)
								
								A credit union
			 may offer joint membership shares under the following circumstances:
(1)
									The credit union
			 complies
									 with
			 its membership requirements;
(2)
									The credit union
									
									discloses to
			 the joint owners the requirements and benefits of joint ownership in a
			 membership share account;
(3)
									The credit union
									
									maintains
			 and 
									verifies member service eligibility for members who
			 have a joint membership; and
(4)
									
									The member listed first on the joint membership share
			 account shall be the member qualified to vote as provided by law, the articles
			 or the regulations.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-31 - Credit union service contracts

Current through all regulations passed and filed through July 1, 2024
(A) Credit unions may act as a representative
			 of and enter into a contractual agreement with one or more credit unions or
			 other organizations for the purpose of sharing, utilizing, renting, leasing,
			 purchasing, selling, and/or jointly owning fixed assets, or engaging in
			 activities and/or services which relate to the daily operations of credit
			 unions. Agreements must be in writing and  advise all parties subject to the agreement
			 that the goods and services provided 
								may be subject to approval by the
			 superintendent.
(B) Where any
			 agreement calls for or requires payment in advance of the actual or estimated
			 charges for more than three months, such payment shall be deemed an investment
			 in a credit union service organization and subject to the limitations in rule
			 1301:9-2-32 of the
			 Administrative Code.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-32 - Credit union service organizations

Current through all regulations passed and filed through July 1, 2024
(A) A "Credit Union Service Organization"
			 (CUSO) means any 
								entity in which a credit union has an
			 ownership interest or to which a credit union has extended a loan, and that
			 entity is engaged primarily in providing products or services to credit unions
			 or credit union members. A CUSO also includes any
			 entity in which a CUSO has an ownership interest of any amount, if that entity
			 is engaged primarily in providing products or services to credit unions or
			 credit union members.
(B) A
			 credit union may invest in  CUSOs in
			 an aggregate
								amount not
			 exceeding ten per cent of the credit union's  net worth, unless otherwise approved by the
			 superintendent prior to making the
			 investment.
(C) A credit
			 union may make loans to  CUSOs in an aggregate
								
								amount not exceeding ten per cent of the credit
			 union's net worth, which percentage is independent of the ten per cent
			 investment limit, unless otherwise approved by the superintendent
			 prior to making the loan.
(D)
								A credit union
			 may invest in or loan to a CUSO by itself, with other credit unions, or with
			 non-credit union parties.
(E)
								A credit union may invest in or loan to a CUSO only if
			 the CUSO is structured as a corporation, limited liability company, or limited
			 partnership. A credit union may participate in a limited partnership only as a
			 limited partner.
(F)
(1)
									A credit union and a CUSO should be operated in a
			 manner that demonstrates the separate corporate existence of the credit union
			 and the CUSO, including:
(a)
										The business transactions, accounts, and records of
			 each are not intermingled;
(b)
										Each observes the
			 formalities of its separate corporate procedures;
(c)
										Each is
			 adequately financed as a separate unit in the light of normal obligations
			 reasonably foreseeable in a business of its size and character;
(d)
										Each is held out
			 to the public as a separate enterprise;
(e)
										The credit union
			 does not dominate the CUSO to the extent that the CUSO is treated as a
			 department of the credit union; and
(f)
										Unless the credit
			 union has guaranteed a loan obtained by the CUSO, all borrowings by the CUSO
			 indicate that the credit union is not liable.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-33 - Sale and leaseback

Current through all regulations passed and filed through July 1, 2024
Credit unions may enter
				into a valid sale and leaseback arrangement, which is consistent with safe and
				sound practices, subject to the prior written approval of the superintendent.
Five Year Review (FYR) Dates:
				9/10/2018 and
				09/08/2023
Promulgated
				Under: 119.03
Statutory
				Authority: 1733.41
Rule
				Amplifies: 1733.04
Prior
				Effective Dates: 8/3/93, 3/22/12
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-34 - Other real estate owned

Current through all regulations passed and filed through July 1, 2024
Credit unions shall report annually to the superintendent
				
								a list
				of other real estate owned pursuant to division (B)(4) of section
				1733.04 of the Revised Code
				and carried on their books in accordance with
				GAAP. The report shall include the date the property was acquired,
				address of the property, amount of the purchase or mortgage balance,
				and appraised value of the property, name of the
				insurance company and specification of coverage.
Effective:
				3/22/2012
R.C. 119.032 review dates:
				12/29/2011 and
				03/22/2017
Promulgated
				Under: 119.03
Statutory Authority: 1733.41
Rule
				Amplifies: 1733.04
Prior Effective Dates: 8/3/93
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-36 - Voluntary dissolution

Current through all regulations passed and filed through July 1, 2024
Upon adoption of a resolution by the
				credit union's board of directors to present a proposal of dissolution to the
				members, the resolution and a request to file a certificate of dissolution
				shall be sent to the superintendent for approval a minimum of ten business days
				prior to the mailing of the notice of vote and meeting to the membership. If
				the superintendent does not approve or deny the request within ten business
				days the request is deemed approved.
Effective: 11/26/2018
Five Year
				Review (FYR) Dates: 11/24/2023
Promulgated Under:
				119.03
Statutory
				Authority: 1733.31
Rule
				Amplifies: 1733.35
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-37 - Suspicious activity reports

Current through all regulations passed and filed through July 1, 2024
(A) All credit unions shall report any crime
			 or suspected crime that occurs at its office(s), on the "Suspicious Activity
			 Report" (SAR) form provided by the "Financial Crimes Enforcement Network"
			 (FinCEN), within thirty calendar days after discovery of a suspicious
			 activity
								including the following:
(1)
									Insider abuse
			 involving any amount;
(2)
									Violations aggregating five thousand dollars or more
			 where a suspect can be identified;
(3)
									Violations
			 aggregating twenty-five thousand dollars or more regardless of a potential
			 suspect;
(4)
									Transactions aggregating five thousand dollars or more
			 that involve potential money laundering or violations of the Bank Secrecy
			 Act.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-39 - Charter conversion

Current through all regulations passed and filed through July 1, 2024
(A) Any
			 conversion of a state chartered credit union
			  to a federally chartered credit
			 union 
								or
			 a federally chartered credit union  to a state chartered credit union
			 is subject to the approval of the
			 superintendent.
(B) A
			 state chartered credit union
			 seeking to convert to a federally chartered credit
			 union must:
(1)
									
									Submit the following to the superintendent:
(a)
										A letter
			 requesting conversion and stating the reasons for the
			 conversion;
(b)
										A copy of the application to convert submitted to the
			 national credit union administration;
(c)
										A resolution
			 adopted by a majority of the board of directors of the credit union stating its
			 intention to convert;
(d)
										A certified copy of the results of the membership
			 vote;
(e)
										A copy of the national credit union administration's
			 final approval to convert; and
(f)
										Any other
			 information the superintendent requires.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-40 - Trustee or custodian

Current through all regulations passed and filed through July 1, 2024
A credit union may act as a trustee or custodian, for which
				reasonable compensation may be received, under any written trust instrument or
				custodial agreement created or organized in the United States and forming part
				of a tax-advantaged savings plan that qualifies for specific tax treatment
				under sections 223,
				401(d),
				408,
				408A, and
				530 of the Internal Revenue Code,
				26 U.S.C.
				223, as in effect on
				
								July
				28, 2023, 401(d), as in effect on 
								July 28, 2023, 408, as in effect on
				
								July 28, 2023, 408A, as in effect on
				
								July 28, 2023, and 530, as in effect on June 17, 2008,
				for its members or groups of its members, provided that the funds of such plans
				are invested in share accounts or share certificate accounts of the credit
				union. These services include, but are not limited to, acting as a trustee or
				custodian for member retirement, education, or health savings accounts.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-41 - Merger

Current through all regulations passed and filed through July 1, 2024
(A) As
			 used in this rule:
(1) "Continuing credit
			 union" means the credit union which will continue to be in operation after the
			 merger.
(2) "Merging credit union"
			 means the credit union that will cease to exist as an operating credit union at
			 the time of the merger.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-2 - General Provisions › Section 1301:9-2-42 - Conducting business out of state

Current through all regulations passed and filed through July 1, 2024
A credit union organized and doing business under the laws of
				this state is permitted to do business in such other state or territory of the
				United States under supervisory and regulatory conditions similar to the laws
				of this state, subject to approval
								 by such other state or territory's supervisory
				agency.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-01 - Advancement and withdrawal of capital contribution by participating credit unions

Current through all regulations passed and filed through July 1, 2024
(A) The credit union share guaranty
			 corporation shall obtain the written approval of the superintendent of
			 insurance as to the percentage amount of the aggregate share capital of a
			 participating credit union, which each participating credit union must
			 contribute and maintain with the credit union share guaranty corporation as a
			 capital contribution, prior to requiring each participating credit union to
			 contribute and maintain such a capital contribution.
(B)
(1) The
			 credit union share guaranty corporation shall provide the superintendent of
			 insurance and the superintendent of credit unions with written notification at
			 least thirty days prior to the repayment of any capital contribution, in
			 connection with:
(a) The liquidation of any
			 participating credit union;
(b)
			 The withdrawal of any participating credit union from the credit union share
			 guaranty corporation after such credit union obtains a different form of share
			 guaranty or insurance pursuant to section
			 1733.041 of the Revised Code or
			 similar state statute; or
(c) The
			 merger of a participating credit union with another credit union, if the shares
			 of the surviving credit union are guaranteed or insured by a different form of
			 guaranty or insurance.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-02 - Documents filed with the superintendent of insurance

Current through all regulations passed and filed through July 1, 2024
In addition to the applicable requirements set forth in Chapter
				1761. and Title XXXIX of the Revised Code, the credit union share guaranty
				corporation shall simultaneously furnish any documents it is required to file
				with the superintendent of insurance thereof to the superintendent of credit
				unions.
Five Year Review (FYR) Dates:
				01/11/2016 and
				01/11/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.04,
				1761.16
Prior
				Effective Dates: None
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-03 - Issuance and renewal of certificate of compliance

Current through all regulations passed and filed through July 1, 2024
(A) The credit
			 union share guaranty corporation shall apply to the superintendent of credit
			 unions for a certificate of compliance with Chapter 1761. of the Revised Code
			 prior to obtaining a license from the superintendent of insurance.
(B) The superintendent of credit unions shall
			 determine whether the credit union share guaranty corporation is in compliance
			 with Chapter 1761. of the Revised Code. The superintendent of credit unions
			 shall notify the credit union share guaranty corporation and the superintendent
			 of insurance of his determination.
(1) If the
			 superintendent of credit unions finds that the credit union share guaranty
			 corporation is in compliance with Chapter 1761. of the Revised Code, the
			 superintendent of credit unions shall issue a certificate of compliance.
(2) If the superintendent of
			 credit unions finds that the credit union share guaranty corporation is not in
			 compliance with Chapter 1761. of the Revised Code, the superintendent of credit
			 unions shall issue a denial with supporting evaluation.
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-04 - Credit union share guaranty corporation activity

Current through all regulations passed and filed through July 1, 2024
The credit union share guaranty corporation shall notify the
				superintendent of credit unions and the superintendent of insurance, in
				writing, at least five business days prior to taking any action to aid or
				assist, by an amount which exceeds one hundred thousand dollars, any
				participating credit union which is in liquidation or incurs financial
				difficulty. In the event of an emergency, such action may be taken in less than
				five business days, after notifying the superintendent of insurance and the
				superintendent of credit unions. As soon as practical the credit union share
				guaranty corporation must provide documentation to the superintendent of credit
				unions and the superintendent of insurance stating the reasons for such an
				emergency and why action must be taken in less than five days. Such actions
				requiring notice shall include, but are not limited to:
(A) Purchasing an asset from any
			 participating credit union;
(B)
			 Assuming control of the property and business of any participating credit
			 union;
(C) Assisting in the
			 merger, consolidation or liquidation of any participating credit union;
(D) Paying out on behalf of a
			 participating credit union all or a part of any participating credit union's
			 individual member share accounts; or
(E) Otherwise advancing funds to a
			 participating credit union.
Replaces: Part of 1301:9-3-01
Five Year Review (FYR) Dates:
				01/11/2016 and
				01/11/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.08,
				1761.16
Prior
				Effective Dates: 1/1/78, 9/1/79,
				1/1/91
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-05 - Necessity of reinsurance or line of credit

Current through all regulations passed and filed through July 1, 2024
The superintendent of credit unions or
				the superintendent of insurance may consider the following criteria,
				among others, in determining if it is actuarially or financially necessary for
				a credit union share guaranty corporation to obtain reinsurance or a line of
				credit from one or more insurance companies or financial institutions:
(A) The operating level of the credit union
			 share guaranty corporation's guarantee fund has not been maintained
			 at the normal operating level as defined by the board
			 of directors of the credit union share guaranty corporation and approved by the
			 superintendent of insurance, and such normal operating level shall at all times
			 not be less than one per cent
								 of the aggregate share capital of the
			 participating credit unions.
(B)
			 The 
								insured shares for any participating credit union
			 exceed
			 more than ten per cent of the aggregate
			 insured shares of the guarantee fund.
(C) Reinsurance is obtained from an insurance
			 company which is not licensed and admitted to do
			 business in the state of Ohio pursuant to Title XXXIX of the Revised Code
			 and where such reinsurance is also not authorized in
			 the state of Ohio.
(D)
								 Whether reinsurance or a line of credit is reasonably
			 available, as to amount and/or cost, as demonstrated by the board and
			 management of the credit union share guaranty corporation.
Effective: 3/24/2016
Five Year
				Review (FYR) Dates: 01/08/2016 and
				03/24/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.06
Prior
				Effective Dates: 1/1/91
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-06 - Notice of termination, nonrenewal or any other lapse of reinsurance or line of credit

Current through all regulations passed and filed through July 1, 2024
In the event of the termination, nonrenewal or any other lapse
				of either the credit union share guaranty corporation's reinsurance or line of
				credit, without replacement by similar reinsurance or
				line of credit, the credit union share guaranty corporation shall
				immediately notify the superintendent of credit unions, the superintendent of
				insurance, the president of the senate and the speaker of the house. Oral
				notification shall be followed immediately by written notification. Such
				written notification, delivered certified mail, return receipt requested, shall
				include:
(A) An assessment of the
			 financial and actuarial impact and significance of the termination, nonrenewal
			 or other lapse of the reinsurance or line of credit,
			 without replacement by similar reinsurance or line of credit, on the
			 credit union share guaranty corporation;
(B) A determination of whether the
			 termination, nonrenewal or other lapse of the reinsurance or line of credit, without replacement by similar reinsurance or line of
			 credit, is material or in the ordinary course of business;
(C) The proposed response of the credit union
			 share guaranty corporation to the termination, nonrenewal or other lapse of the
			 reinsurance or line of credit without replacement by
			 similar reinsurance or line of credit; and
(D) Any other information which may be
			 requested by the superintendent of credit unions, the superintendent of
			 insurance, the president of the senate or the speaker of the house.
Effective: 3/24/2016
Five Year
				Review (FYR) Dates: 01/08/2016 and
				03/24/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.06
Prior
				Effective Dates: 1/1/91
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-07 - Communication with regulatory significance

Current through all regulations passed and filed through July 1, 2024
Written communication with regulatory significance from a
				credit union supervisory authority of another state to the credit union share
				guaranty corporation, as set forth in division (C) of section
				1761.06 of the Revised Code,
				shall mean any correspondence, examination reports, supervisory agreements, or
				orders or any other document received by a credit union share guaranty
				corporation from a credit union supervisory authority pertaining to:
(A) A participating credit union with a
			 capital, assets, management, earnings and liquidity (CAMEL) rating, or its
			 equivalent, of four or below;
(B)
			 A participating credit union placed under a supervisory agreement or under any
			 order; or
(C) A participating
			 credit union considered substandard by the credit union share guaranty
			 corporation or the state regulatory authority.
Five Year Review (FYR) Dates:
				01/11/2016 and
				01/11/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.06
Prior
				Effective Dates: None
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-08 - Public representation of credit union share guaranty corporation's status or legal existence

Current through all regulations passed and filed through July 1, 2024
(A) The credit union share guaranty
			 corporation shall not publicly represent in any manner that it is an agency of
			 the state or federal government or that it is guaranteed in any way by a
			 governmental agency.
(B) The
			 credit union share guaranty corporation shall not publicly represent in any
			 manner that it is licensed under Chapter 3941. of the Revised Code.
Five Year Review (FYR) Dates:
				01/11/2016 and
				01/11/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.06
Prior
				Effective Dates: None
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-09 - Participating credit union financial information

Current through all regulations passed and filed through July 1, 2024
The financial statements, examination reports, analyses and
				other information submitted by the superintendent of credit unions or other
				credit union supervisory authority, the national credit union administration or
				by participating credit unions to the credit union share guaranty corporation,
				pursuant to section 1761.08 of the Revised Code, are
				and shall remain privileged and confidential while in the custody of the credit
				union share guaranty corporation and as shared with credit union supervisory
				authorities provided however, that financial statements
				submitted to the credit union share guaranty corporation pursuant to division
				(B) of section 1761.08(B)  of
				the Revised Code are public documents.
Effective: 3/24/2016
Five Year
				Review (FYR) Dates: 01/08/2016 and
				03/24/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.08
Prior
				Effective Dates: 1/1/91
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-10 - Qualified audit report of a participating credit union

Current through all regulations passed and filed through July 1, 2024
The credit union share guaranty corporation shall notify the
				superintendent of credit unions immediately whenever the credit union share
				guaranty corporation shall require that an audit be conducted of the books and
				records of a participating credit union. In the event that the audit report,
				certificate or opinion of the independent certified public accountant is in any
				way qualified and such qualification is not remedied within three months of the
				date the participating credit union becomes aware of the qualification, or such
				shorter period as required by the credit union share guaranty corporation, the
				credit union share guaranty corporation shall immediately report such
				qualification in writing to the superintendent of credit unions and the
				superintendent of insurance.
Five Year Review (FYR) Dates:
				01/11/2016 and
				01/11/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.10
Prior
				Effective Dates: None
Ohio Administrative Code › Title 1301:9 - Division of Financial Institutions: Credit Unions › Chapter 1301:9-3 - Credit Union Share Guaranty Corporation › Section 1301:9-3-11 - Normal operating level of guarantee fund

Current through all regulations passed and filed through July 1, 2024
(A) The credit union share guaranty
			 corporation shall notify the superintendent of credit unions and the
			 superintendent of insurance of the normal operating level of the guarantee
			 fund, as approved by its board of directors, and of any change in the normal
			 operating level of the guarantee fund.
(B) The credit union share guaranty
			 corporation shall request, in writing, the written approval of the
			 superintendent of insurance of any change in such normal operation level as
			 approved by its board of directors.
(C) The credit union share guaranty
			 corporation shall notify the superintendent of credit unions of the approval or
			 disapproval of such normal operating level of the guarantee fund by the
			 superintendent of insurance.
(D)
			 The credit union share guaranty corporation shall notify the superintendent of
			 insurance and the superintendent of credit unions, in writing, within
			 twenty-four hours after the guarantee fund is reduced below the normal
			 operating level approved by the superintendent of insurance.
Five Year Review (FYR) Dates:
				01/11/2016 and
				01/11/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 1761.04
Rule
				Amplifies: 1761.10
Prior
				Effective Dates: None