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Texas Senate passes revision to state CU Act
AUSTIN, Texas (4/24/09)--The Texas Senate sent to the Texas House revisions sought by the Texas Credit Union Department (TCUD) and credit unions to the state Credit Union Act on Wednesday by a 30-0 vote. The House Pensions, Investments, and Financial Services Committee also heard the House companion bill--House Bill 3200 by State Rep. Dan Flynn (R-2) Wednesday. The Texas Credit Union League (TCUL) thanked the Senate bill sponsor--State Sen. Kip Averitt (R-22)--for his leadership in getting the bill through the Senate Business and Commerce committee and the Senate chamber (LoneStar Leaguer April 23). 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 the 2003 session. The bill has a number of sections dealing with TCUD powers, credit union powers, and board governance issues. 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.


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