March 10, 1993

Abe Picciuto
Division of Credit Unions
Department of Commerce
77 South High Street
21st Floor
Columbus, Ohio 43266

Re: Business Lending Rule - Substantial Equivalence (Your February 24, 1993, Letter)

Dear Mr. Picciuto:

We have received your request for NCUA to review Ohio's pro- posed business loan rule for substantial equivalence. As you know, the NCUA Board must determine if a state's business loan rule is substantially equivalent to NCUA's regulation. We anticipate presenting Ohio's proposed rule to the NCUA Board within the next three months. If you have any ques- tions concerning this process, please contact Mike McKenna of the Office of General Counsel at (202) 682-9630.

Sincerely,

Becky Baker
Secretary of the NCUA Board

GC/MJM:bhs

cc: Region IV Director