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2017 Texas Legislative Session Overview Webinar Now Available to Members
Wednesday, August 2, 2017 7:00 AM

On Wednesday July 26, the Cornerstone Credit Union League conducted a webinar on the laws passed in the 2017 Texas Legislative Regular Session that will affect state and federally chartered credit unions in Texas.  If you were unable to attend the webinar, Cornerstone Credit Union League members can now access it here.

A review of the two TXCUA supported constitutional amendments on the November 7, 2017 ballot is provided. The ballot measures update the home equity lending law for the first time since it was passed 20 years ago and would permit prize-linked savings accounts to be offered by credit unions in Texas. Both need to be adopted by the voters, and will require credit union engagement to get them passed.

Mr. Huffman discusses bills that passed providing credit unions with additional powers and protections, including the ability to offer new products in the form of service agreements that can be sold through a state or federal credit union involved in indirect lending at the dealership on vehicle installment loans, providing new revenue streams. Other bills the TXCUA actively supported and worked to pass are discussed, including the new electronic notary services law, along with financial elder abuse, electronic power of attorney at DMV and others are discussed. He details the bills that were defeated, that would have negatively affected credit unions, discussing the impact of credit union grassroots efforts and which lawmakers stepped up for credit unions to protect credit unions from additional costly regulations and changes that credit unions would have been subject to, had these bills not been defeated.

Senior Vice President Regulatory Compliance Counsel Suzanne Yashewski discussed the legislation that affects regulatory and compliance issues, and the preparation that credit unions can take to be compliant with the new laws. These laws cover home equity lending, powers of attorney, suspected elder abuse, savings promotion raffles, credit card fraud, model account cards, trends in frivolous lawsuits and more.

Contact Cornerstone Credit Union League SVP Regulatory Compliance Counsel Suzanne Yashewski at 512-853-8516 or syashewski@cornerstoneleague.coop or Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.