FARMERS BRANCH, Texas (5/8/13)--A bill that contains a provision to expand the number of advisory/honorary directors on a credit union board to six from three has passed the Texas House and has been sent to Gov. Rick Perry, said the Texas Credit Union League.
"We anticipate that he will sign it in the next week or two," Jim Phelps, TCUL vice president of advocacy, said about SB 244. "It would take effect immediately and is a great bill for credit unions" (The Advocate
Making the change would allow credit unions to identify and engage new directors who wish to serve in a board governance role, and facilitate the transition of long-term directors who may no longer wish to serve as an active member of the board, but whose institutional knowledge will continue to benefit the credit unions and members, Phelps told News Now.
Also, SB 422--which makes a technical correction to the filing of process on a financial institution so that any claims must be served set on the proper party--has been signed by Perry and takes effect immediately, Phelps said.
"We had our lobby team work with the bills' sponsors to help shepherd them through the legislative process," Phelps told News Now
Some other Texas bills of interest to credit unions include:
HB 2662, which requires a class on financial literacy as part of the high school curriculum. The bill has passed the House.
HB 949, which adds to the statute 20 days of insurance coverage on a personal automobile when a motor vehicle is purchased based on an existing policy covering a motor vehicle. The bill passed the House and has been favorably reported from the Senate Business and Commerce Committee.
HB 1451, which would require the Texas Credit Union Department to establish a program to encourage credit unions to make micro-loans. The bill has been introduced but no hearings are scheduled.