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Information for Elected Officials

Welcome! The Ohio Credit Union League, with offices in Columbus, is the state trade association representing Ohio's credit unions.

Credit unions are not-for-profit financial institutions that are owned and democratically-controlled by their members. Ohio credit unions provide savings, loans, and other consumer financial services to their nearly 3 million members.
A Resource for You

The Ohio Credit Union League is ready to provide you with statistics, analysis of trends, comments on current legislative and regulatory issues, and information on consumer finances. In addition, we can help you contact credit union leaders across the state or nation.

If you would like statistics and information about credit unions in your district, contact any of the following League staff.
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Basics About CU Services

Credit unions have been making a difference in people’s lives for decades with staple services such as savings accounts, mortgages, and auto loans. Many also offer a wide variety of services, such as online deposits, electronic bill payment, certificates of deposit, checking accounts, credit cards, debit cards, home equity loans, Individual Retirement Accounts, international remittances, and student loans. Some credit unions even offer business services to its members, including micro- and mid-size loans, deposit accounts, transaction accounts, merchant credit card processing services, and lines of credit.
Initiatives Underway by Credit Unions

Credit unions are powerful forces within your communities, dedicated to improving the lives of Ohioans. With a philosophy of “People Helping People,” credit unions reach out with financial education in schools and communities; discounted mortgage rates for low-income, first-time homebuyers; affordable payday loan alternatives; competitive international remittance programs; and community development programs.
Fundamental Difference of Credit Unions

Credit unions believe in changing people’s lives through affordable and accessible financial services. Changing lives is our business; financial services are the means.

Credit unions may appear to be like every other financial services provider, but here’s a quick explanation of how they are totally different.

Purpose: Credit unions are not for profit, financial cooperatives, owned by its members, whose earnings are returned its owners in the form of dividends, higher savings rates, lower loan rates, and improved services. Banks are for profit entities, owned by groups of shareholders, which exist to make a profit. Its earnings are returned to its shareholders.

Structure: Credit unions are democratically structured; every member has one vote and an equal say about a credit union’s goals, functions, and services. At banks, depositors have no vote. Only shareholders may vote on goals, functions and services.

Directors: Credit union board members are not paid and are elected by members and they volunteer their time. Bank board members are paid and are elected by shareholders.

Tax Structure: Simply put, credit unions pay taxes. State-chartered credit unions pay sales and use tax, while all Ohio credit unions pay real and personal property taxes, and payroll taxes. Additionally, credit union members pay taxes on their interest and dividends. All Ohio credit unions are exempt from federal income tax and state franchise tax. Credit unions’ tax structure allows them to provide affordable financial services to members and save them money. Between June 2010 and June 2011, Ohio credit unions provided their members with nearly $120 million in direct financial benefit through low-fee products and services and better interest rates.

Credit Union Regulation: State-chartered credit unions are regulated by the Ohio Division of Financial Institutions, the same as state-chartered banks. Federally-chartered credit unions are regulated by the National Credit Union Administration (NCUA). Federally-chartered banks are overseen by a myriad of federal agencies including The Office of Comptroller of the Currency, The Federal Reserve and The Federal Deposit Insurance Corporation. Banks would like the public to believe that credit unions have it easy on the regulatory front. On the contrary, credit unions comply with parallel -- if not identical -- regulations governing their operations and consumer compliance requirements.
More About Credit Unions

Facts About Credit Unions
A one-page document summarizing the latest Ohio credit union statistics, and how credit unions differ from for-profit financial institutions

Find credit unions in your district 
See a list of the credit unions that serve your area. 
CU News

Recent News Stories Featuring CUs
For stories from around the nation, visit aSmarterChoice.org.

Recent Press Releases
Recent press releases issued by the Ohio Credit Union League, sharing the good news about Ohio's credit unions.