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Bill to allow Texas school districts to use CU as depositories filed
Tuesday, January 22, 2019 7:00 AM

Current Texas law authorizes school districts to use Texas banks only as their depository financial institution. HB 592 by Rep. Ana Hernandez (D-Houston) would add Texas credit unions to the Education Code, giving school districts another option in addition to banks for school district operating accounts.

Both state and federal credit unions are already authorized to receive school deposits and act as a school district’s depository institution. 

The Texas Credit Union Association will closely monitor the bill as it moves through the legislative process and report to our members.  At this early stage of the legislative session, no further action beyond the bill filing has occurred.

 The full text of the bill can be read here.

Contact Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.