Bill Caption

Relating to the continuation and functions of the Credit Union Department and the Credit Union Commission.

Fiscal Notes

No fiscal implication to the State is anticipated.

Bill Analysis

SB 707 would extend the sunset date of the Credit Union Department and the Credit Union Commission for twelve years, requiring the commissioner to create a training manual that would provide pertinent training about the department's rule-making ability, disclosing conflicts of interests, and laws governing the department's operations.  The bill would also require the department to promptly notify and issue guidance to all credit unions chartered in this state on the adoption of federal law or regulation that affects a power or authority conferred to credit unions under existing law, would take effect immediately, and would conflict with state law.

The bill would also require the department to track all phases of the complaint and enforcement processes, including the receipt, investigation, and disposition of complaints. 

Vote Recommendation Notes

As SB 707 does not pertain to the liberty principles, Texas Action is neutral on this bill.