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News Now

CU System
CU measures progressing in Texas legislature
AUSTIN, Texas (5/6/09)--Three legislative measures concerning credit unions are in various stages of progress in the Texas legislature. The credit union sunset bill (HB 2735) passed into engrossment Saturday by a unanimous vote. The bill now moves to the Texas Senate committee on Governmental Organization, according to the Texas Credit Union League (The Advocate May 4). The bill embodies recommendations of the Texas Sunset Advisory Commission to continue the Texas Credit Union Department (TCUD) for an additional 12 years (News Now March 18). The Texas CU Act (SB 1647) is now in the state House, having passed the Senate, and is scheduled to be heard by Pensions, Insurance and Financial Services Monday. Current law provides for both regulatory oversight and corporate governance of credit unions. The bill amends the finance code to provide for additional regulatory oversight of credit union activities and addresses provisions concerning corporate governance. It also adds provisions to the finance code for regulatory coordination between state and federal agencies. The bill provides the credit union commissioner additional regulatory and supervisory oversight of credit union activities and amends various provisions relating to the administration and operation of credit unions. Every few years, the TCUD is charged with reviewing the act and rules to keep them modernized. The last major revisions to the state Credit Union Act occurred in 2003. The bill has a number of sections dealing with TCUD powers, credit union powers and board governance issues (News Now April 24). Also, the SB1 general appropriations bill--which would provide TCUD full funding--is in conference committee deliberations. Indications are positive that TCUD will retain full funding, the league said.


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