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News Now

CU System
Date set for Texas Sunset Commission hearing
FARMERS BRANCH, Texas (12/3/08)--During its next hearing Dec. 15-16, the Texas Sunset Commission will make its final consideration of staff's recommendation to continue the Texas Credit Union Department (TCUD). The department is listed on the schedule for Dec. 16, said the Texas Credit Union League (Life is a Highway Dec. 2). During a preliminary hearing on Sept. 23, the commission staff recommended that TCUD continue operating for 12 years. A bill to continue TCUD must pass the legislature before the department can continue supervising credit unions. Two other issues recommended by the commission staff are of concern to the league. They are: allowing the commissioner to impose fines on credit unions and removing the option of the TCUD to continue consolidated filings of Internal Revenue Service (IRS) from 990 form the statute. The league is working with the commission on credit union concerns regarding these recommendations.


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