OFF TO THE RACES THE OHIO GENERAL ASSEMBLY AND CONGRESS KICK OFF NEW SESSIONS

The beginning of a new legislative session allows for a reset from the day-to-day public policy discussions that dominated the previous term. There are new opportunities and partnerships, as freshman legislators add their voices and experience to their respective caucuses. The OBL, with guidance from our Government Relations Council, starts every new legislative session with a list of priorities to accomplish at both the state and federal level. Having these goals for the next two years allows the OBL to be consistently pushing pro-banking public policy each day in Columbus and in Washington, D.C.

As Congress and the General Assembly started in earnest mid-January, there was no shortage of proposed or introduced legislation that would somehow affect the banking industry. In fact, just two months into the new session and legislation has been introduced or proposed affecting every priority laid out by the OBL at the beginning of the year.

State Priorities

135TH GENERAL ASSEMBLY PROACTIVE

1 Advocate for increased use of technology by local governments and to allow for electronic recording title searches.

2 Clarify Ohio’s lien release statute, ORC 5301.36, to ensure banks are not unnecessarily targets of litigation.

3 Enhance Ohio’s elder exploitation laws to increase communication to banks following reporting and to establish the ability for banks to put a hold on a transaction where elder exploitation is suspected and provide immunity for or for not doing so.

4 Investigate and explore ways to protect against misleading advertising to consumers from non-bank entities based on trigger leads when a bank contacts credit reporting agencies on behalf of a consumer.

5 Advocate for lender notification when overdue taxes are purchased by a third party.

6 Explore opportunities to reestablish a credit for subchapter S corporation banks to prevent potential double taxation issues.

ONGOING/DEFENSIVE

1 Protect against government intrusion into bank decision making including against forced access and responsible banking legislation.

2 Advocate against any expansions of credit union powers or authority.

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Support efforts to improve Ohio’s legal climate for businesses.

Assist efforts to increase access to housing and to increase development of new housing supply.

5 Ensure any data privacy legislation brings other data holders up to the level of banks rather than layering on additional requirements for the industry.

6 Safeguard against efforts to reallocate bank assessment dollars for non-banking purposes.

7 Defend against efforts to create new bank-like charters without subjecting businesses to the same requirements as banks or that would create consumer confusion.

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Guard against unnecessary increases in banks’ tax burden.

FEDERAL PRIORITIES 118TH CONGRESS PROACTIVE

1 Advocate for the passage of the SAFE Banking Act, to allow Ohio banks to provide financial services to the cannabis industry and ancillary businesses.

2 Pass legislation to remove taxation on income from farm real estate loans that are made by FDIC back financial institutions.

3 Enhance regulatory requirements for industrial loan companies, by requiring them to comply with the Bank Holding Company Act.

ONGOING/DEFENSIVE

1 Protect against government intrusion into bank decision making including against forced access and responsible banking legislation.

2 Protect against any expansions of credit union powers or authority.

3 Oppose efforts to create a Central Bank Digital Currency which will compete directly with banks for deposits.

4 Opposes any legislative proposals that would impose a national 36% “all in” interest rate cap on most consumer loans.

5 Continue our advocacy for long term reauthorization and reforms of the National Flood Insurance Program.

6 Protect against any legislative efforts to outlaw overdrafts or other legitimate fees banks are legally allowed to charge for their services.

7 Advocate for sensible cryptocurrency regulation that protects consumers and banks that might partner with the industry.

Don Boyd VP, State Government Relations & General Counsel, Ohio Bankers League dboyd@ohiobankersleague.com

Evan Kleymeyer Senior Vice President of Government and External Relations, Ohio Bankers League ekleymeyer@ohiobankersleague.com