Ohio Administrative Code Title 1301:9 - Division of Financial Institutions: Credit Unions
Ohio Administrative Code – Title 1301:9: Division of Financial Institutions: Credit Unions
(Under the authority of the Ohio Department of Commerce – Division of Financial Institutions)
Overview:
Title 1301:9 of the Ohio Administrative Code governs the organization, operation, and supervision of credit unions in Ohio. These rules are enforced by the Division of Financial Institutions, which is responsible for regulating state-chartered credit unions to ensure their safety, soundness, and compliance with Ohio laws.
This title implements and supplements the Ohio Revised Code Chapter 1733, which sets the statutory framework for credit unions.
Key Chapters and Regulatory Areas in Title 1301:9:
🔹 1301:9-1 – General Provisions
Definitions applicable to credit union regulation.
Scope of rules and general requirements for compliance.
🔹 1301:9-2 – Organization of Credit Unions
Requirements for filing articles of incorporation.
Procedures for gaining approval to operate as a state-chartered credit union.
Organizational meeting guidelines.
🔹 1301:9-3 – Field of Membership
Rules for defining and expanding a credit union’s field of membership.
Common bond requirements (occupational, associational, residential).
🔹 1301:9-4 – Credit Union Operations
Operational standards for management, administration, and facilities.
Requirements for internal controls and records.
🔹 1301:9-5 – Investments and Lending
Authorized investment vehicles for credit unions.
Loan types, lending limits, and documentation standards.
🔹 1301:9-6 – Supervisory Powers
Examination procedures and frequency.
Corrective actions and enforcement authority of the Superintendent.
Suspension or revocation of credit union authority.
🔹 1301:9-7 – Mergers, Conversions, and Dissolutions
Procedures for voluntary or involuntary mergers and dissolutions.
Rules for converting from or to a federal charter.
🔹 1301:9-8 – Corporate Credit Unions
Special provisions and rules for corporate (wholesale) credit unions.
Capital requirements and permissible services.
Regulatory Objectives:
Promote safe and sound credit union practices.
Provide consumer protection for credit union members.
Maintain the integrity of the financial system in Ohio.
Ensure transparency and accountability in the governance of credit unions.
Enforcement and Oversight:
The Superintendent of Financial Institutions has broad powers to examine, investigate, and enforce compliance.
Violations can result in administrative actions including fines, cease-and-desist orders, or license revocation.
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