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Ohio Laws and Rules
(A) Each credit union shall file an annual financial report of the affairs and business of the credit union as of December thirty-first of the preceding year pursuant to division (c) of section 1733.32 of the Revised Code. The annual financial report shall be filed upon the date designated by the division of financial institutions in a notice mailed to each credit union at least thirty days in advance of the filing date. If a credit union fails to file its annual financial report by the filing date, the superintendent may assess a fine in accordance with paragraph (k) of this rule.
(B) Each credit union engaged in operations as of January first of a calendar year shall pay the supervisory fee described in division (e) of section 1733.32 of the Revised Code based on a percentage of the gross assets of the credit union, as shown by its last annual financial report, by the following groupings:-
(1) The amount from $1 to $125,000 of the credit union’s gross assets shall be billed at a rate as established by the superintendent;
(2) The amount from $125,001 to $4,000,000 of the credit union’s gross assets shall be billed at a rate which is not less than one-fiftieth of one per cent, or .20 per $1,000 and not more than
A rate of one-ninth of one per cent, or 1.11 per $1,000
(3) The amount from $4,000,001 to $30,000,000 of the credit union’s gross assets shall be billed at a rate which is no greater than one-sixteenth of one per cent, or .62 per $1,000;
(4) any amount above $30,000,000 of the credit union’s gross assets shall be billed at a rate which is no greater than one-twentieth of one per cent, or .50 per $1,000
(C) “Gross assets” are defined as total assets, plus the allowance for loan loss account, plus the allowance for investment loss account.
(D) In accordance with division (e)(4) of section 1733.32 of the Revised Code, the total amount of each semiannual billing to all credit unions combined shall equal one-half of the appropriation made by the Main Operating Appropriation Act, including any modifications made by the controlling board. In determining the supervisory fees the superintendent may take into consideration any funds lapsed from the appropriation made in the previous fiscal year.
(E) New charters-a newly chartered credit union is not required to pay a supervisory fee in the year in which its legal existence begins.
(F) Conversions-a federal credit union which converts to a state chartered credit union is not required to pay a supervisory fee in the year of the conversion. A state chartered credit union which converts to a federal credit union shall not receive a refund of any supervisory fee paid to the division prior to the effective date of the conversion.
(G) Mergers-a credit union which merges with a state chartered or federal credit union shall not receive a refund of any supervisory fee paid to the division prior to the effective date of the merger. The superintendent may waive payment by a credit union of the supervisory fee which has been assessed, but not paid, prior to the superintendent’s final approval of a merger, if he determines that the payment of the fee would cause severe financial hardship to the credit union going out of existence.
(H) Voluntary dissolution or appointment of a liquidating agent-a credit union which files a certificate of dissolution or for which a liquidating agent is appointed shall not receive a refund of any supervisory fee paid to the division prior to the filing or appointment. The superintendent may waive payment by a credit union of the supervisory fee which has been assessed, but not paid, prior to the filing of a certificate of dissolution or when a liquidating agent is appointed, if he determines that payment of the fee would cause severe financial hardship to the dissolving or liquidating credit union.
(I) Each credit union shall remit the supervisory fee within fifteen days after billing. If the credit union fails to remit the supervisory fee by the fifteenth day after the date of the division’s billing, the superintendent may assess a fine in accordance with paragraph (k) of this rule.
(J) In accordance with division (b) of section 1733.32 of the Revised Code, a credit union shall submit a financial report to the division when requested by the superintendent within thirty days of the superintendent’s request. If the credit union fails to comply with division (b) of section 1733.32, the superintendent may assess a fine in accordance with paragraph (k) of this rule.
(K) Pursuant to paragraphs (a), (i), and (j) of this rule, the superintendent may impose a fine of not more than five hundred dollars for each day the credit union is late in submitting a financial report or supervisory fee. In determining the amount of the fine to be assessed the superintendent shall consider all of the following:
(1) The credit union’s asset size and financial resources;
(2) The seriousness of the violation;
(3) The credit union’s good faith efforts to prevent the violation;
(4) The credit union’s history regarding violations of this rule; and
(5) Any other matters the superintendent considers appropriate in enforcing section 1733.32 of the Revised Code and this rule.
R.C. 119.032 review dates: 03/17/2006 and 11/15/2010
Promulgated Under: 119.03
Statutory Authority: 1733.41
Rule Amplifies: 1733.32
Prior Effective Dates: 7/10/98