Progress Continues on Modernization Bill

02/15/17

Companion House and Senate Bills (HB 35 and SB 29) that will modernize the bank statute in Ohio to create a "universal charter" and eliminate duplicative and unnecessary regulatory burdens received initial sponsor testimonies this week. Sponsors Rep. Jim Hughes (R-Columbus) and Sen. Bill Coley (R-Liberty Twp.) delivered testimony before the respective financial institutions committees with very few questions asked of them. 

Senate Insurance & Financial Institutions Committee Chairman Jay Hottinger's (R-Newark) office indicated that SB 29 will be scheduled for a second hearing next Tuesday morning at 10:15 a.m., where the OBL will testify in support of the measure. The House committee is not expected to hold a hearing next week and is willing to delay proponent testimony another week as a result of the OBL's upcoming D.C. Fly-In to ensure the association can express industry support.