Legislative win for Ohio’s Community Banks

HB 353 Signed by Governor Kasich

In 2017, CBAO was notified by an engaged member of a competitive disadvantage facing Ohio’s community banks regarding Escheat Laws.  The law required balances on prepaid and reward cards be remitted to the state after five consecutive years of inactivity. Even though few community banks in Ohio were offering these products, it was determined that those who were, or may consider doing so, were at a competitive disadvantage with states like South Dakota that didn’t have a similar requirement. Thus began the tedious process of meeting with staff and members of the Ohio House and Senate to educate them on these products and the positive economic impact that results for those communities that a community bank serves that offer these products. We are happy to report, on Tuesday, October 23, 2018, Governor Kasich signed the bill which will be effective 90 days from delivery to the Ohio Secretary of State. Compliment’s to CBAO’s engaged members and CBAO’s Legislative & Regulatory Committee for their direction and support.  This effort will increase the value of Ohio’s community banks for many years to come. You can learn more about HB 353 by clicking here.

CBAO remains actively engaged at the Statehouse and in DC on issues that affect Ohio’s community banks.  CBAO’s position on pending U.S. and Ohio legislation can be foundhere.  For specific information regarding a particular bill please contact Robert L. Palmer at 614.846.2349 or email at rlpalmer@cbao.com