September 30, 2022—Ohio’s minimum wage is scheduled to increase on Jan. 1, 2023, to $10.10 per hour for non-tipped employees and $5.05 per hour for tipped employees. The minimum wage will apply to employees of businesses with annual gross receipts of $371,000 or more per year.
The current 2022 Ohio Minimum Wage is $9.30 per hour for non-tipped employees and $4.65 per hour for tipped employees. The 2021 Ohio minimum wage applies to employees of businesses with annual gross receipts of $342,000 or more per year.
The Constitutional Amendment (II-34a) passed by Ohio voters on in November 2006 states Ohio’s minimum wage shall increase on Jan. 1 of each year by the rate of inflation. The state minimum wage is tied to the Consumer Price index (CPI-W) for urban wage earners and clerical workers for the 12-month period prior to September. This CPI-W index increased by 8.7% percent over the 12-month period from Sept. 1, 2021 to Aug. 31, 2022. The Constitutional Amendment is available online.
For employees at smaller companies with annual gross receipts of less than $371,000 per year after Jan 1. 2023, and for 14- and 15-year-olds, the state minimum wage is $7.25 per hour. For these employees, the state wage is tied to the federal minimum wage of $7.25 per hour, which requires an act of Congress and the President’s signature to change.
April 8, 2022 — Wright-Patt Credit Union recently announced the credit union is reducing and eliminating several fees to provide enhanced value for their members. As prices for life’s everyday essentials continue to rise, Wright-Patt Credit Union is focused on helping members keep more of their hard-earned money and improve their Financial Flexibility and Freedom.
“Since our founding in 1932, Wright-Patt Credit Union has always put the needs of our members first,” said Tim Mislansky, Wright-Patt Credit Union President and CEO. “As we celebrate 90 years of helping people, we believe lowering these fees will reduce financial stress and anxiety for our members when they carry low balances on their checking accounts, allowing them to keep more of their hard-earned money every time an unfortunate overdraft occurs.”
Effective April 6, 2022, fees reduced and eliminated by Wright-Patt Credit Union include:
Personal Account Fees — previously $19, now $9.
- Non-Sufficient Fund (NSF) fee
- Courtesy Pay Overdraft fee
- Debit Card Coverage Overdraft fee
Business Account Fees — previously $19, now $9.
- Overdraft fee
- Non-Sufficient Fund (NSF) fee
Stop Payment Fee — previously $25, now $9.
Non-WPCU Owned ATM Fee — previously $0.60 per transaction, now eliminated. (This does not include the surcharge an ATM owner may charge for use of their machine.)
“Reducing these fees reflects Wright-Patt Credit Union’s promise to put our members first, not profits,” explained Mislansky. “We will continue to evaluate our fee structures and practices because we’re always looking for ways to provide even more relief and peace of mind for our members.”
December 15, 2021 | Ohio Credit Union League Foundation
The Ohio Credit Union Foundation’s scholarship programs were established to help credit union members with higher education expenses and build a deeper understanding of the Credit Union Movement. The Student Loan Forgiveness grant achieves this by aiding recent graduates in getting off to a successful start in their aftermarket careers. This year, three Ohio credit union employees received $5,000 toward outstanding student loans.
The winners for 2021 include:
- Dakota Stillion, KEMBA Financial Credit Union
- Kelsey Joseph, Superior Credit Union
- Molly Troller, Day Air Credit Union
We encourage eligible credit union staff to apply for 2022 starting in August and don’t forget to check out the Video Scholarship kick-off in January of 2022 at www.OhioCreditUnionFoundation.org
August 11, 2021 — Providing members with access to safe and affordable credit is what your credit union does best. That’s why the League relentlessly advocates on your behalf for a regulatory environment that empowers member service and guards against changes that can inhibit how you deliver it. So when the U.S. Senate Banking and Housing Committee Chairman Sherrod Brown (D-OH) joined Senator Jack Reed (D-RI) and other Committee and Senate leaders in reintroducing the Veterans and Consumers Fair Credit Act, we went to work with CUNA to connect Ohio credit unions with Chairman Brown to talk about the proposal’s impact to successful, consumer-friendly and affordable small-dollar lending programs. The Act seeks to rein in predatory payday lenders and other costly loan product providers by extending the Military Lending Act’s 36% all-in interest rate cap to cover veterans and all Americans.
While federally chartered credit unions participating in the NCUA PALs program would be exempt, most Ohio credit unions would be subject to the more restrictive, all-in interest rate cap standard moving forward, effectively restraining small-dollar lending programs currently available to members. We will continue working with CUNA and Chairman Brown’s office to illustrate how limiting access to credit will bring unintended consequences to consumers that need affordable and emergency capital from their trusted financial partner, like your credit union.
Connect with Chief Advocacy Officer Emily Leite for any questions or concerns regarding the 36% rate cap proposal or if your credit union would like to share a successful small-dollar lending story with Congress.
Ohio Receives Grand Slam with Accreditation
July 15, 2021 – The National Association of State Credit Union Supervisors (NASCUS) is proud to announce Ohio has earned Re-Accreditation following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
The Ohio Department of Commerce/Division of Financial Institutions to be the first state supervisory authority to become accredited under all four accreditation programs: credit union (via the NASCUS Accreditation Program), bank (via CSBS), mortgage and money service business (MSB, also both via CSBS).
More than 88% of the $989 billion in state-chartered credit union assets are supervised by NASCUS’ 28 accredited state agencies.
“Accreditation is direct evidence of an agency’s capabilities and benefits all credit unions in the state as well,” said NASCUS President and CEO Lucy Ito. “It recognizes the professionalism of a state agency’s regulators, supervisors, and staff, while potentially delivering an impetus and support for legislation to modernize state law and policy changes to advance state supervisory processes and best practices.”
NASCUS accreditation is a robust process that includes disciplined self-evaluation, peer review, and ongoing monitoring. The process, administered by the NASCUS Performance Standards Committee (PSC), measures a state regulatory agency’s ability and resources to carry out its regulatory and supervisory programs effectively.
To earn Accreditation, a credit union state supervisory agency must demonstrate that it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers.
NASCUS adopted the Accreditation Program in 1989 to administer and assure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
Ohio Real Estate and Financial Associations support First-Time Homebuyer Savings Act
The First-Time Homebuyer Savings Act would encourage investment in Ohio’s communities
March 1, 2021 — A coalition of Ohio real estate and financial organizations have joined forces in support of Senate Bill 24, Ohio’s First-Time Homebuyer Savings Act. The legislation, SB 24, introduced by Sen. Theresa Gavarone (R-Bowling Green) and Sen. Bob Peterson (R-Washington Court House), would authorize a first-time homebuyer to open a tax-deductible savings account in which a person can deposit money that would be used toward a down payment of a home purchased in Ohio.
The coalition supporting SB 24 includes the Ohio Bankers League, Ohio Chamber of Commerce, Ohio Land Title Association, Ohio Manufactured Homes Association, Ohio Mortgage Bankers Association, Ohio REALTORS, Ohio REALTIST Association, and the Ohio Credit Union League.
A “first-time homebuyer” is defined as someone who has not purchased or owned a home within the past three years.
Ohio lawmakers debate COVID-liability protection
May 28, 2020 –Lawmakers in Ohio are debating legislation that would limit the liability of businesses that reopen in the wake of the COVID-19 pandemic. The bill, SB 308, would provide service providers, including credit unions, with protections from COVID-19 related lawsuits except in instances where the provider’s acts are “intentional, willful, or wanton misconduct.”
In testimony in support of SB 308, the Ohio Credit Union League asserts that “costly and frivolous litigation is a serious threat to a provider’s ability to confidently and reliably offer necessary support, services, and products.” The League maintains that the bill would maintain “civil recourse for those impacted by bad actors found in violation of state requirements.”
The legislation is currently pending in the Ohio Senate Judiciary Committee.
Ohio League Pursuing Legislation Targeting Cyber Criminals
The Ohio Credit Union League is seeking to advance a measure in the Buckeye State that would increase the penalties for individuals found guilty of electronic data manipulation, theft or phishing. The League cites the uptick in cyber crimes and lack of action at the federal level as rationale for the Ohio Cyber Crimes Act, House Bill 368, to promptly pass.
Another converts to private insurance: River Valley CU
Oct. 4, 2018 — As of October 1, the $344 million River Valley Credit Union, located in Miamisburg (Dayton), Ohio, converted from federal to private share insurance provided by American Share Insurance (ASI). ASI has been offering Ohio credit unions a choice in share insurance since 1974. With the addition of River Valley Credit Union, ASI now insures 51 credit unions in the state.
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