As your credit union focuses on growing and serving members, your League constantly scans the legal horizon for opportunities to protect and promote the Movement. When it was determined a recent Ohio Supreme Court case could erode the ability for Ohio credit unions to offer confession of judgment clauses, or cognovits, in commercial lending agreements, your League filed comments as an amicus in the case to urge for consistency and flexibility to uniquely serve members. While the League joined both the Ohio Bankers League and Community Bankers Association of Ohio in arguments to secure traditional use of cognovits, we know credit unions lend with a different motive. That’s why the League seized the amicus brief as an opportunity to also illustrate the cooperative and member-focused nature of credit unions to ensure the Movement’s unique structure and voice is considered.
As the League awaits an opinion on the case, please reach out to Senior Vice President of Advocacy Emily Leite for questions about the amicus brief or information on the League’s strategy to promote credit union awareness through legal advocacy.