A new state banking code modernization bill was introduced this week at the Statehouse after continued OBL advocacy emphasizing the importance of bringing Ohio's banking laws up-to-date. SB 29, introduced yesterday by Sen. Bill Coley (R-Liberty Twp.) and Sen. Scott Oelslager (R-North Canton), would recognize a “universal” bank charter in Ohio and eliminate unnecessary or duplicative regulatory burdens on Ohio financial institutions. It would also streamline regulatory governing boards and decrease regulatory overhead costs.
A companion bill, introduced by Rep. Jim Hughes (R-Columbus) is expected in the House later this week. A version of the bill passed the Ohio Senate in the last General Assembly but ran up against an abbreviated schedule in the House.