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Ohio Is Open for Blockchain Business

August 7 — Ohio became a supporter of blockchain-based businesses on Aug. 3, when Governor John Kasich signed legislation enabling new uses for this cutting-edge technology.

Ohio is one of the first states to adopt legislation recognizing the use of blockchain technology to transmit and store electronic records in a broad range of industries, from financial services to supply chain management, real estate and healthcare. The state believes blockchain’s benefits include greater security of information, reduced costs and faster transactions. Cryptocurrencies such as bitcoin are just one way that blockchain technology can be used.

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Will Credit Unions in Michigan Soon Be Providing Trust Services?

July 31 — A group of seven Michigan credit unions have formally applied to the Michigan Department of Insurance and Financial Services to establish a new, limited-purpose financial institution that will provide trust services primarily to credit union members. Formal acceptance of the application will begin a review process by state regulators that may last up to 100 days, at which time the organizers anticipate approval.

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Michigan’s Chemical Bank Will Shift Headquarters to Detroit

July 25 — Formerly based in Midland, Mich., Chemical Financial Company, the holding company for $20.3 billion-Chemical Bank, has announced it will immediately relocate its headquarters to Detroit. Currently, the company will reside downtown, but there are plans for a new 20-story building at the corner of Woodward Ave. and Elizabeth St.

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Trade Wars Are Negatively Impacting the Rural Economy

July 20 — For a sixth consecutive month, the Creighton University Rural Mainstreet Index climbed above growth neutral in July. This marks the first time since the July 2014 that the overall index has risen above growth neutral for such an extended period of time. However, the index did decline this month, falling from 56.1 in June to 53.8, and more than three-quarters of those surveyed are reporting that trade rifts and tariffs on grain farmers are having a negative impact on the economy.

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IBAT Elects New Leadership Division Board Members

July 11 — The Leadership Division of the Independent Bankers Association of Texas elected new board members during the 33rd Annual IBAT Leadership Conference at the JW Marriott San Antonio Hill Country Resort, June 14-16.

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