AUSTIN, Texas–The Texas House of Representatives has passed the sunset bill that will continue to fund the state’s Credit Union Department for another 12 years. The bill now goes before Gov. Greg Abbott for his signature.
The Sunset Commission determined that the Credit Union Department should continue until 2033 and stated, “Texas-chartered credit unions have fared well under the state’s current regulatory framework; the Sunset Commission again found the existing organizational structure is the best option, and transferring the department would have no benefit at this time,” the Cornerstone CU League reported.
Changes Made
SB 707 makes the following changes:
- Continues the Credit Union Department for 12 years (until 2033)
- Requires the Department to track more comprehensive complaint and enforcement data to support analysis and guide regulatory activities
- Updates the standard across-the-board requirement related to developing and maintaining a complaints system and making information on complaint procedures available to the public
- Requires the Department to develop a process for notifying and issuing guidance for credit unions about federal statutory or regulatory changes that take effect immediately and conflict with state law
- Eliminates the statutory notarization requirement for articles of incorporation in new charter applications
- Updates the standard across-the-board requirement related to board member training, including the creation of a training manual for each commission member.
‘Year and a Half of Work’
“We are grateful to Sen. Angela Paxton and Rep. Stan Lambert for the hard work required to get this legislation to the finish line,” said Cornerstone League President/CEO Caroline Willard. “It has been an extraordinary session by any standard, and the Sunset Commission had the option to put off their reviews until 2023.
“This successful effort is also the result of a year and a half of diligent work by the Cornerstone League and particularly our advocacy team, led by Texas Credit Union Association Executive Director Gili Carter,” Willard continued. “This is the kind of win that really shines a spotlight on the value of advocacy we provide on behalf of our member credit unions.”